The Arizona Department of Insurance has licensed State Based Systems (SBS), a regulatory tool that is owned and operated by the National Association of Insurance Commissioners (NAIC).
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.
Arizona Insurance Director, Germaine Marks, said: “We are confident in the ability of SBS to help us significantly streamline our processes and improve our services.”
“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.”
Adam Hamm, the NAIC president and North Dakota insurance commissioner, commented: “I congratulate the Arizona Department of Insurance on its decision to implement SBS and its full set of benefits to licensees, companies and consumers.”
"The NAIC continues its strong support of state-based insurance regulation through a variety of member initiatives like SBS with substantial state participation.”
In addition to Arizona, SBS is currently the system of choice in 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, US Virgin Islands and West Virginia.
