Three states were recognized for successfully implementing all 11 technology-based initiatives in the State Regulation 2000 (SR 2000) program. The District of Columbia Department of Insurance and Securities Regulation, the Oklahoma Department of Insurance and the Tennessee Department of Commerce & Insurance were recognized by the National Association of Insurance Commissioners (NAIC) in conjunction with the Association’s Fall National Meeting in Dallas.
Today’s recognition brings the total number of states to have completed implementation of the program to 13. Arkansas, Kansas, Michigan, Minnesota, Missouri, Colorado, North Dakota, Iowa, Indiana and Ohio achieved their awards previously. SR 2000 is a series of aggressive initiatives developed and supported by state regulators to streamline, strengthen and enhance state regulation.
SR 2000 offers state regulators new regulatory tools to improve their ability to regulate the $820 billion insurance industry and to eliminate licensing and approval barriers in multiple states.
“Obviously the states are giving implementation of these initiatives a high priority,” said George Nichols III, NAIC President and Kentucky Insurance Commissioner. “In fact, we are at 70% toward 100% compliance for all 55 states and U.S. Territories in the SR 2000 program. What’s more, 75% of those 55 jurisdictions are more than half way toward completing all 11 initiatives with twelve states within two initiatives of completing the SR 2000 program.
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