FOR IMMEDIATE RELEASE
MONTANA BECOMES 25TH NAIC
MEMBER TO CHOOSE STATE BASED SYSTEMS
NEW ORLEANS (March 5, 2012) — The National Association
of Insurance Commissioners (NAIC) announced that the Montana Office of the
Commissioner of Securities and Insurance has formally licensed State Based
Systems (SBS), an NAIC owned and operated regulatory tool.
"We are eager to benefit from the breadth of services that SBS
offers," said NAIC Secretary-Treasurer and Montana Insurance
Commissioner Monica J. Lindeen. "Utilizing SBS provides assurance to
our licensees, companies and consumers that the NAIC can support our specific
regulatory needs. With this system we will be able to further our mission
of adopting more NAIC initiatives and becoming more uniform in our
regulatory practices, which benefits Montana residents and non-residents
"Adding Montana as the 25th member of the SBS family represents a
significant milestone as we strive to streamline and simplify services that
save time and money for both regulators and industry," said Kevin M.
McCarty, NAIC President and Florida Insurance Commissioner. "As more
NAIC members adopt SBS, the system expands and improves exponentially
through the hard work and vision of those regulators who participate in its
In addition to Montana, SBS is currently the system of choice in Alabama,
Alaska, Delaware, the District of Columbia, Florida, Illinois, Iowa,
Kansas, Maryland, Missouri, 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.
for more information about SBS.
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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