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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 (CDS).

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 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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