Iowa Joins Regulators’ State Based Systems Program

February 26, 2007

The National Association of Insurance Commissioners (NAIC) today announced that the Iowa Division of Insurance will implement State Based Systems (SBS) to serve its regulatory business needs.

“We are pleased to be joining the partnership between SBS states and the NAIC,” said Iowa Insurance Commissioner Susan Voss. “While we are still in the early phases of implementation, the concept of marrying the NAIC’s ability to build and deliver a system to meet our tight deadlines and our unique business requirements, coupled with the seamless integration of services and the high level of customer service, makes SBS an appealing tool for the Iowa Division of Insurance.”

SBS serves as a back office processing system for producer licensing, company licensing, consumer services, enforcement, fraud, and revenue management. It includes correspondence and document tracking, as well as flexible reporting and data-extract features.

SBS is offered to the departments as a benefit of their NAIC membership in an effort to simplify and enhance state insurance regulation processes. The NAIC builds and maintains SBS, provides technical support and system training, and hosts the SBS application and database for each licensed state.

The NAIC statement said that when used in conjunction with other NAIC technical offerings, SBS can significantly reduce a state’s financial and human resources by providing support for daily regulatory activities. As a result, this leaves the state insurance department with more resources to devote to other initiatives.

“The addition of the Iowa Insurance Division to the SBS team is an important and exciting step in the development of SBS,” said Catherine J. Weatherford, NAIC executive vice president and CEO. “This is a telling example of the healthy partnership between the NAIC and the SBS states, a relationship that wouldn’t be possible without the commitment of the states to continually improve the system and their business processes.”

In addition to Iowa, SBS is currently being used by insurance departments in Delaware, New Hampshire, New Jersey, Rhode Island, and Washington, D.C.

Source: The National Association of Insurance Commissioners

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