FOR IMMEDIATE RELEASE
WASHINGTON, D.C. (December 15, 2015) —The National Association of Insurance Commissioners (NAIC) today announced the State Based Systems (SBS) implementation for Wisconsin, making it the 29th state to license SBS. SBS is an electronic filing tool created for NAIC members to increase efficiency in regulatory functions.
"We are excited that SBS has been fully implemented and look forward to the improvements and efficiencies the system will offer all who rely on our department," Wisconsin Insurance Commissioner Ted Nickel said. "Implementation of SBS will allow us to continually improve the service we offer our licensees and insurance companies while further bolstering our consumer protection initiatives."
SBS offers a variety of product services for producer licensing, company licensing, continuing education tracking, consumer services, enforcement, fraud reporting, exam tracking and revenue management.
"The NAIC is encouraged by the continued growth of SBS," said NAIC President and Montana Insurance Commissioner Monica J. Lindeen. "SBS and the National Insurance Producer Registry (NIPR) offerings bring a full suite of online tools that greatly simplify the insurance licensing process."
In addition to Wisconsin, SBS is currently the system of choice in Alabama, Alaska, Arizona, 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.
For more information about changes affecting Wisconsin licensees, visit www.statebasedsystems.com/WIAnnouncement.pdf.
For more information about SBS, visit www.statebasedsystems.com.
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.