Guam Becomes the 35th NAIC Member to Implement SBS
Today, the National Association of Insurance Commissioners (NAIC) announced Guam has become the 35th NAIC Member to implement State Based Systems (SBS).
The electronic system enables insurance departments of U.S. states and territories to more efficiently and effectively process license applications, renewals, inquiries, complaints, and enforcement actions to remain compliant with national uniformity initiatives.
The functionality offered by SBS and its seamless integration with mission-critical tools offered by the National Insurance Producer Registry (NIPR) will provide significant productivity gains. Those gains are expected to help in Guam’s mission to protect insurance consumers efficiently and effectively.
Implementing SBS offers a great opportunity for insurance departments to improve their services, as it was developed in partnership with state regulators. That partnership still thrives today and continues to provide real business value to NAIC Members who choose to implement SBS. The staff in Guam is expected to benefit from the real and measurable impact of SBS on their business processes.
In addition to Guam, SBS is currently the system of choice in Alabama, Alaska, Arizona, Arkansas, Connecticut, Delaware, the District of Columbia, Florida, Hawaii, Illinois, Iowa, Kansas, Massachusetts, Maryland, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Carolina, Tennessee, U.S. Virgin Islands, Vermont, West Virginia, and Wisconsin. Limited SBS services are also licensed by Virginia.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is 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 reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.