WASHINGTON – The National Association of Insurance Commissioners (NAIC) announced today that the Vermont Department of Financial Regulation 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.
“SBS provides us with the opportunity to streamline our processes and improve our services and I am pleased to have licensed SBS and look forward to completing the implementation process,” said Michael Pieciak, Vermont Department of Financial Regulation Commissioner. “This is an exciting opportunity in our SBS implementation that we expect will result in across the board improvements to the services we provide our consumers, licensees and insurers.”
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 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.
More about the NAIC
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.
