FOR IMMEDIATE RELEASE
OREGON BRINGS SBS ONLINE
Phase One of Regulatory Streamlining System in Place
WASHINGTON, D.C. (May 11, 2012) — The Oregon Insurance
Division announced today that it has completed the initial phase of
implementing State Based Systems (SBS), making it the latest state
insurance department to use the National Association of Insurance
Commissioners' (NAIC) electronic application for its regulatory needs.
“This online system enables us to more efficiently handle agent
licensing while improving customer service for the more than 100,000 agents
who are licensed to do business in our state,” said Acting Oregon
Administrator Lou Savage.
“We are pleased the initial phase of the Oregon implementation is
complete,” said NAIC President and Florida Insurance Commissioner Kevin M.
McCarty. “SBS offers real value to the NAIC membership as well as the
industry and consumers in our states. As the number of participating states
continues to grow, so does that value. I offer my congratulations to the
Division on accomplishing this key technology initiative.”
In addition to Oregon, SBS is currently used 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, Puerto Rico, Rhode Island, Tennessee,
U.S. Virgin Islands and West Virginia. Limited SBS services are also
licensed by South Carolina and Virginia.
Click HERE 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.