FOR IMMEDIATE RELEASE
ARKANSAS INSURANCE DEPARTMENT STREAMLINES WITH STATE
WASHINGTON, D.C. (Oct. 28, 2014) -The Arkansas Insurance Department announced today that
it has completed the initial phase of the State Based Systems (SBS)
implementation process, making it the latest state to take advantage of the
National Association of Insurance Commissioners' (NAIC) electronic
application for its regulatory needs.
"We see this as just the first step in
transforming our systems and processes here at the Arkansas Insurance
Department," said Arkansas Insurance Commissioner Jay Bradford. "The
overall goal of the implementation is to provide our insurance producers
with a wide variety of online benefits and resources from SBS such as
real-time Continuing Education (CE) tracking, license printing and license
status verification tools."
"Developing innovative online tools are a
primary focus of the NAIC," added NAIC President and North Dakota Insurance
Commissioner Adam Hamm. "Providing effective online and back office
services, such as those offered by SBS, allows the insurance business and
regulatory arenas to become increasingly more effective and productive."
In addition to Arkansas, SBS is currently the
system of choice in Alabama, Alaska, Arizona, 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
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.