FOR IMMEDIATE RELEASE
NEW MEXICO JOINS SBS
ORLANDO (March 30, 2014) The National Association of Insurance
Commissioners (NAIC) announced today that the New Mexico Office of the
Superintendent of Insurance has licensed State Based Systems (SBS), an
NAIC-owned and operated regulatory tool.
"SBS offers our department the opportunity to significantly augment
our regulatory efforts through time-tested technology tools used by the
majority of the NAIC membership," said John G. Franchini, New Mexico
Insurance Superintendent. "In utilizing SBS, our processes will enable
greater efficiency while leveraging NAIC initiatives, which will have a
direct and immediate impact on our ability to provide high- quality service
to all of our customers.
"We welcome the state of New Mexico as the 27th NAIC member to use
SBS," said Adam Hamm, NAIC President and North Dakota Insurance
Commissioner. "The SBS suite of products provides the technology and
resources to allow regulators to better serve and focus on consumers."
In addition to New Mexico, 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, 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
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.