The National Association of Insurance Commissioners recognized the State of Vermont for successfully implementing all 12 technology-based initiatives in the Uniform Regulation Through Technology (URTT) program.
The award was presented in conjunction with the NAIC’s Spring National Meeting in Atlanta. “Today’s recognition brings the total number of departments completing the URTT program to 43,” said the announcement.
“These technology initiatives dramatically enhance communication and interaction between the nation’s insurers and insurance regulators,” stated NAIC President and Arkansas Insurance Commissioner Mike Pickens. “With the addition of Vermont, we are now at 88 percent compliance for all 55 jurisdictions involved in the URTT program.”
The 12 voluntary NAIC initiatives comprising the foundation of URTT leverage technology and other state resources through the NAIC. The program offers state regulators new tools to improve their ability to regulate the $1 trillion insurance industry and to eliminate licensing and approval barriers in multiple states. “These departments share not only tremendous commitment and dedication, but also the insight that technology is the most important tool we have to improve state insurance regulation,” Pickens concluded.
More information about the URTT program is available on-line at: http://www.naic.org/1UniformRegulation/.