FOR IMMEDIATE RELEASE
New Mexico Becomes 28th State to Implement
PHILADELPHIA (Aug. 6, 2017) —The National Association of Insurance Commissioners (NAIC) today announced the State Based Systems (SBS) implementation for New Mexico, making it the 28th state to implement SBS. SBS is an electronic filing tool created for NAIC members to increase efficiency in regulatory functions.
"State Based Systems will enable us to improve the services we offer," said John G. Franchini, New Mexico Insurance Superintendent. "As part of our SBS implementation we will now offer real-time continuing education tracking, free unlimited insurance license printing and a variety of insurance company, licensee and course lookup tools."
SBS also offers a variety of product services for producer licensing, company licensing, consumer services, enforcement, fraud reporting, exam tracking and revenue management.
"With SBS implementation in New Mexico, 28 NAIC members now rely on SBS to support critical insurance regulatory and consumer protection initiatives," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "As a market leader, SBS supports uniformity and ultimately makes insurance regulation more timely, efficient and cost-effective.
In addition to New Mexico, 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, 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.