Alaska has implemented the State Based Systems, an electronic system owned by the National Association of Insurance Commissioners, it was announced in November.
The purpose of NAIC’s SBS initiative is to provide a comprehensive, internet-based application for state regulators in support of insurance regulatory functions.
“The functionality offered by SBS and its seamless integration with other NAIC initiatives will provide significant productivity gains to the Alaska Insurance Division, our consumers and insurance licensees,” Bret S. Kolb, director of the Alaska Division of Insurance, said in a statement.
In addition to Alaska, SBS is in place in Alabama, Arkansas, Delaware, the District of Columbia, Florida, Illinois, Iowa, Kansas, Maryland, Missouri, Montana, Nebraska, New Hampshire, New Jersey, 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.
Was this article valuable?
Here are more articles you may enjoy.
Claims Against NYC Rental Buildings Nearly Doubled Since 2021: Milford Street 
State Farm to Increase Claims Workforce by 3,000 
Banks Warn AI Shopping Bots Raise Scam, Fraud and Data-Privacy Risks 
Hellman & Friedman Explores Sale of Applied Systems at Up to $10B, Sources Say From This Issue
