FOR IMMEDIATE RELEASE
Connecticut 30th NAIC Member to License State Based Systems
Web-based application increases state insurance department efficiency
WASHINGTON (January 29, 2019) — The National Association of Insurance Commissioners (NAIC) today announced the licensing of State Based Systems (SBS) technology for Connecticut, making it the 30th state to choose this suite of technology solutions. SBS offers uniformity among the states; reducing costs and improving efficiencies.
“We are excited to have completed the licensing of SBS and look forward to implementing the system,” said Paul Lombardo, Connecticut Insurance Department Acting Commissioner. “We expect SBS to help us improve our ability to efficiently regulate insurance companies and licensees, while fully supporting our consumer-protection initiatives.”
SBS is a web-based application that helps streamline license processing, insurance education tracking, case management and revenue tracking. “We are pleased to add Connecticut to our SBS community of regulators who are working together to develop uniform regulatory information and processes to improve the efficiency of state-based insurance regulation,” said Andy Beal, NAIC Chief Operating Officer and Chief Legal Officer.
In addition to Connecticut, SBS is the system of choice in Alabama, Alaska, Arizona, 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, South Carolina, Tennessee, U.S. Virgin Islands, West Virginia and Wisconsin. Limited SBS services are also licensed by Virginia.