Kansas City, Mo. - StateBasedSystems.com, a Web site from The National Association of Insurance Commissioners (NAIC), headquartered in Kansas City, Mo., is designed to help insurance regulators and industry customers access services more quickly via SBS. It simplifies the regulatory processes, according to the NAIC, thereby reducing the workload for state insurance department staff, providing significant advantages to consumers, producers and insurers who do business with the state.Through SBS, customers can electronically file complaints, apply for licenses, verify license status and print copies of licenses without having to send letters, file forms or talk with someone on the phone.
"The expansion of the SBS Web site greatly increases the value of our online services for consumers. It provides a single access point for not only New Hampshire's data and services, but for multiple jurisdictions," says Barbara Richardson, director of operations for the New Hampshire Department of Insurance. "As SBS online resources continue to grow, we see it as a key tool for our internal staff and state consumers. It eliminates paper processing, and the delays associated with manual processing, ultimately providing producers and consumers in our state with better customer service."
Four states, including New Hampshire, as well as the District of Columbia, currently use SBS to process company and producer licensing, market conduct, consumer services, enforcement and revenue management activities. State regulators rely on its comprehensive Web-based application for efficient and expeditious license processing of producers and companies. SBS also assists the states in more effectively responding to regulatory concerns and consumer-initiated inquiries and/or complaints, and remaining compliant with national uniformity initiatives.
Some key benefits of SBS include:
- SBS facilitates the management, processing, and storage of insurance data and payment processing via a Web-based system.
- SBS is certified to meet ongoing NAIC national initiatives in all supported areas, such as producer, company, complaints (CDS) reporting and regulatory actions (RIRS) reporting.
- SBS reduces development and maintenance costs for each state by sharing the expense burden across states.
- SBS diminishes labor costs through automation of license submissions and approvals, correspondence, complaint processing, and more.
- SBS integrates both internal "back-office" and external "customer-initiated" processing into a single, user-focused interface.
- SBS provides for the seamless data exchange with all NAIC and NIPR systems and initiatives.
- SBS allows for the effortless generation and storage of flexible, user-defined reports.
Source: The National Association of Insurance Commissioners
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