The National Association of Insurance Commissioners announced that the Arizona Department of Insurance has licensed State Based Systems, an NAIC-owned and operated regulatory tool.
“We are confident in the ability of SBS to help us significantly streamline our processes and improve our services,” Germaine L. Marks, Arizona’s insurance director said in a statement. “Uniform functionality licensed by 27 other NAIC members, state of the art self-service tools used by our industry stakeholders, and the guarantee that SBS will maintain pace with all NAIC initiatives are all key reasons why the Arizona Department of Insurance chose SBS.”
SBS is a back-office software system designed with the help of state insurance regulators. Offered as a benefit of NAIC membership, SBS offers a variety of product services for producer licensing, company licensing, consumer services, enforcement, fraud, exam tracking and revenue management.
SBS is currently used by Alabama; Alaska; Arkansas; Delaware; the District of Columbia; Florida; Illinois; Iowa; Kansas; Maryland; Missouri; Montana; Nebraska; New Hampshire; New Jersey; New Mexico; North Carolina; North Dakota; Oklahoma; Oregon; Puerto Rico; Rhode Island; Tennessee; U.S. Virgin Islands; and West Virginia. Limited SBS services are also licensed by South Carolina and Virginia.