Hawaii Division Receives National Award

The Hawaii Insurance Division (Division) received the National Association of Insurance Commissioners’ (NAIC) Uniform Regulation through Technology (URTT) Award after completing all 12 of the URTT initiatives.

The URTT program is a collection of technology projects that represent a significant strategic investment in the use of automation for regulatory purposes. These technology initiatives enhance communication and the interaction between the nation’s insurers and its insurance regulators in the areas of:

• Agent and broker licensing and continuing education;
• Licensing process for insurers;
• Filing and approval process for rates and policy forms; and
• Reporting of financial data used by insurance regulators.

The goals of the URTT program, which were adopted by the National Association of Insurance Commissioners (NAIC), are to:

• Provide states with new regulatory tools to enhance their abilities to regulate a $900 billion insurance industry;
• Reduce multi-state licensing and approval barriers;
• Increase the uniformity and consistency of processing and regulation across state boundaries; and
• Leverage state and NAIC technologies to achieve economies of scale through automation initiatives.

Twelve voluntary NAIC initiatives comprise the foundation for URTT. These initiatives leverage the technologies and resources of the NAIC and the several states to bring greater efficiencies and economies that position state insurance regulators to be able to effectively and efficiently regulate an insurance industry that is becoming more multi-state and even multi-national in scope.

“I applaud the efforts of the Insurance Division in working to streamline the insurance regulatory process in Hawaii. It is always gratifying when Hawaii’s hard working public servants receive national recognition for the good work they do,” Governor Cayetano said.

Topics Legislation Hawaii