Vermont Becomes the 30th NAIC Member to Implement SBS
The National Association of Insurance Commissioners (NAIC) announced today the State Based Systems (SBS) implementation for Vermont.
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.
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 Vermont’s mission to protect insurance consumers efficiently and effectively.
Implementing SBS offers a great opportunity for insurance departments to improve their services by adopting SBS 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 Vermont is expected to benefit from the real and measurable impact of SBS to their business processes.
In addition to Vermont, 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, 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.