FOR IMMEDIATE RELEASE
SBS CELEBRATES 10 YEAR ANNIVERSARY
NATIONAL HARBOR, Md. (Nov. 30, 2012) — The National
Association of Insurance Commissioners (NAIC) is pleased to announce the 10
year anniversary of State Based Systems (SBS).
Initiated in 2002 as a back-office software system for NAIC members, SBS
was originally licensed by three jurisdictions: the District of Columbia,
Delaware, and New Jersey. In the last decade, the number of licensed
jurisdictions has grown to 26.
“State Based Systems has grown to offer a broad set of software services
used by our members, the insurance industry and insurance consumers,” said
NAIC President and Florida Insurance Commissioner Kevin M. McCarty. “SBS
has been a valuable tool in helping states meet NAIC uniformity initiatives
while also allowing states to hold down their cost of doing business. In
keeping pace with technology and the online marketplace, SBS has been a key
player in moving states to paperless processing, which allows us to deliver
information faster to both our licensees and the public.”
In the last decade, SBS has been used to regulate more than 480,000
resident licensees, 2.2 million CE credit hours and 1,100 regulatory
actions. Additionally, SBS has been used to track more than 26,000 consumer
complaints, subsequently uploaded to the NAIC Complaints Database System
SBS is currently used in Alabama, Alaska, Arkansas, 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
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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