The National Association of Insurance Commissioners (NAIC) announced a long- term partnership with Aithent Inc. to develop a state-of-the-art Web-based system that will automate regulatory functions for state insurance departments. This software will provide the foundation for a new NAIC initiative called State Based Systems (SBS).
“Many states would like to automate more of their regulatory functions, offering regulatory services such as license issuance and renewals on a 24-7 basis,” said NAIC chief information officer Gary Gummig. “Since all SBS hardware, software and data will be housed and maintained at NAIC headquarters, it gives state insurance regulators a cost-effective way to further modernize their regulatory technology.”
SBS is certified to meet ongoing national uniformity and reciprocity initiatives in the areas of producer licensing, market conduct and company licensing. In addition, SBS is able to incorporate such new technologies as electronic funds transfer and digital fingerprinting.
“Aithent’s technology solution will serve as the foundation to the SBS initiative and will enable the NAIC to immediately deliver solutions to service an increasingly critical need in the insurance regulatory market. This is a huge opportunity for Aithent and we are excited to be working with the NAIC in leveraging our global delivery model to address the deployment requirements to many states,” said Venu Gopal, CEO of Aithent Inc.
To participate, states must pay an initial implementation fee plus an annual maintenance fee, which will include on-site user training, technical support and Web-based user documentation. Currently, New Jersey, Delaware and the District of Columbia intend to participate in the initial SBS rollout, with several other states having expressed interest. Participating states will become part of the SBS Users Group, which will provide input and guidance regarding enhancements to the system.
For more information about SBS, visit http://www.naic.org/1sbs.
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