The National Association of Insurance Commissioners (NAIC) recently announced that two state departments — the Illinois Division of Insurance within the Department of Financial and Professional Regulation and the North Dakota Insurance Department — have chosen State Based Systems (SBS) as their regulatory system of choice.
“Achieving regulatory uniformity with other insurance departments is a key priority for our division,” said Illinois Insurance Director Michael McRaith. “SBS offers the unique opportunity to compare our processes and procedures with those of other SBS states simply by implementing the system. The decision to move to SBS illustrates our commitment to participating in uniformity initiatives and streamlining regulatory compliance processes for our producers and insurers.”
We believe that technology is the most important tool for improving our ability to rapidly respond to an ever-expanding customer base, while also contending with limited resources,” said North Dakota Insurance Commissioner Adam Hamm. “SBS, along with its full integration with key NAIC and NIPR initiatives, allows us to dramatically improve our online toolset, while minimizing our costs.”
In addition to Illinois and North Dakota, SBS is the solution of choice in Alabama, Delaware, Florida, Iowa, Kansas, Missouri, New Hampshire, New Jersey, North Carolina, Puerto Rico, Rhode Island, Tennessee and Washington, D.C.
For more information about SBS, visit www.statebasedsystems.com.
Source: NAIC
Topics Legislation Illinois
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