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Massachusetts Becomes 32nd NAIC Member to License State Based Systems
The National Association of Insurance Commissioners (NAIC) today announced the State Based Systems (SBS) implementation for Massachusetts, making it the 32nd NAIC member to implement SBS. SBS is a comprehensive regulatory system created for NAIC members to increase efficiency in regulatory functions.
The electronic system enables state insurance departments to process license applications, renewals, inquiries, complaints, and enforcement actions more quickly and efficiently while remaining compliant with market uniformity initiatives.
“Undoubtedly, COVID-19 has demonstrated to me and our department leaders the importance of online automated processing. Our adoption of SBS will enable us to more effectively regulate Massachusetts’ $60 billion insurance industry by offering more business critical online tools including the ability to manage all of our license applications and company appointments via the National Insurance Producer Registry (NIPR),” said Massachusetts Division of Insurance Commissioner, Gary D. Anderson. “Once implemented, SBS will support and improve several critical functions of the division, resulting in more convenient, modern and uniform transactions for both licensees and consumers.”
Working to help NAIC members streamline their regulatory processes and in turn do what we can to help them protect consumers is an important goal of the NAIC. SBS, by design, focuses on efficiency and reducing the cost of doing business to the benefit of all participating insurance departments and their industry stakeholders.
In addition to Massachusetts, SBS is currently the system of choice in Alabama, Alaska, Arizona, Arkansas, Connecticut, Delaware, the District of Columbia, Florida, Hawaii, Illinois, Iowa, Kansas, 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, 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.