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FOR IMMEDIATE RELEASE

ARKANSAS BECOMES 26TH MEMBER TO
CHOOSE SBS

NATIONAL HARBOR, Md. (Nov. 30, 2012) — The National Association of Insurance Commissioners (NAIC) announced that the Arkansas Insurance Department is the most recent jurisdiction to license State Based Systems (SBS), an NAIC owned and operated regulatory tool.

"Implementing SBS will greatly improve the level of service we offer our constituents," said Arkansas Insurance Commissioner Jay Bradford. "With SBS we will have the software tools to more efficiently meet the needs of the insurance industry and the public. Streamlining regulatory processes and providing easy to use online tools, while holding down costs, is an immense value to Arkansas."

"We are pleased to welcome Arkansas as the 26th NAIC member of SBS," said NAIC President and Florida Insurance Commissioner Kevin M. McCarty. “By providing time-saving services and cost-effective solutions, SBS enables our member states to effectively accomplish their regulatory responsibilities."

SBS is a back-office software system designed with the help of state insurance regulators. Offered as a benefit of NAIC membership, SBS offers a variety of product services for producer licensing, company licensing, consumer services, enforcement, fraud, exam tracking and revenue management.

In addition to Arkansas, SBS is currently the system of choice in Alabama, Alaska, Delaware, the District of Columbia, Florida, Illinois, Iowa, Kansas, Maryland, Missouri, Montana, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, Tennessee, U.S. Virgin Islands and West Virginia. Limited SBS services are also licensed by South Carolina and Virginia.

 

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About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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