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Idaho Becomes 34th NAIC Member to License State Based Systems
The National Association of Insurance Commissioners (NAIC) announced that the Idaho Department of Insurance has licensed State Based Systems (SBS).
The electronic system enables state insurance departments to more efficiently and effectively process license applications, renewals, inquiries, complaints, enforcement actions, and more with a minimum of effort while remaining compliant with national uniformity initiatives. Efficient, effective integration between the National Insurance Producer Registry (NIPR) and SBS is critical to streamlining many mission-critical regulatory initiatives.
“We see SBS as an important tool in our efforts to more effectively protect the consumers of the state of Idaho,” said Dean Cameron, Director of the Idaho Insurance Department and NAIC President. “SBS offers a single user-friendly platform that supports all of our key regulatory processes while reducing the cost of doing business for our licensees and companies. We look forward to implementing SBS.
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.
In addition to Idaho, 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.