FOR IMMEDIATE RELEASE
WISCONSIN JOINS STATE BASED SYSTEMS
CHICAGO (Aug. 16, 2015) — The National Association of Insurance Commissioners (NAIC) today announced Wisconsin as the 29th state to license State Based Systems (SBS), an electronic-filing tool created for NAIC members to increase efficiency in regulatory functions.
"We believe our transition to State Based Systems will increase our ability to effectively respond to the needs of our licensees, insurance companies and consumers while reducing our costs," Wisconsin Insurance Commissioner Ted Nickel said. "We appreciate the extensive reporting capabilities SBS offers and the in-depth integration with National Insurance Producer Registry (NIPR) will allow us to offer more internet based tools that support business critical processes."
SBS offers a variety of product services for producer licensing, company licensing, consumer services, enforcement, fraud, exam tracking and revenue management.
"The number of NAIC members utilizing SBS software continues to grow, offering further proof of its ability to help states effectively and efficiently implement uniform regulatory processes," said Monica J. Lindeen, NAIC President and Montana Insurance Commissioner. "SBS provides the NAIC membership the ability to bring all user jurisdictions together toward a common goal of creating a software application that benefits all parties involved in the offering, consumption and regulation of insurance."
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 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.
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