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FOR IMMEDIATE RELEASE

ARIZONA JOINS SBS   

WASHINGTON, D.C. (April 28, 2014) The National Association of Insurance Commissioners (NAIC) announced today that the Arizona Department of Insurance has licensed State Based Systems (SBS), an NAIC-owned and operated regulatory tool.
   
“We are confident in the ability of SBS to help us significantly streamline our processes and improve our services,” said Germaine L. Marks, Arizona Insurance Director. “Uniform functionality licensed by 27 other NAIC members, state of the art self-service tools used by our industry stakeholders, and the guarantee that SBS will maintain pace with all NAIC initiatives are all key reasons why the Arizona Department of Insurance chose SBS.”
   
“I congratulate the Arizona Department of Insurance on its decision to implement SBS and its full set of benefits to licensees, companies and consumers,” said Adam Hamm, NAIC President and North Dakota Insurance Commissioner. "The NAIC continues its strong support of state-based insurance regulation through a variety of member initiatives like SBS with substantial state participation.”
   
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 Arizona, SBS is currently the system of choice in Alabama, Alaska, Arkansas, Delaware, the District of Columbia, Florida, Illinois, Iowa, Kansas, Maryland, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, 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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