Montana Becomes 25th NAIC Member to Choose State Based Systems

March 10, 2012 by N/A

WASHINGTON, March 5– The National Association of Insurance Commissionersissued the following news release:

The National Association of Insurance Commissioners (NAIC) announced that the Montana Office of the Commissioner of Securities and Insurance has formally licensed State Based Systems (SBS), an NAIC owned and operated regulatory tool.

“We are eager to benefit from the breadth of services that SBS offers,” said NAIC Secretary-Treasurer and Montana Insurance Commissioner Monica J. Lindeen. “Utilizing SBS provides assurance to our licensees, companies and consumers that the NAIC can support our specific regulatory needs. With this system we will be able to further our mission of adopting more NAIC initiatives and becoming more uniform in our regulatory practices, which benefits Montana residents and non-residents alike.”

“Adding Montana as the 25th member of the SBS family represents a significant milestone as we strive to streamline and simplify services that save time and money for both regulators and industry,” said Kevin M. McCarty, NAIC President and Florida Insurance Commissioner. “As more NAIC members adopt SBS, the system expands and improves exponentially through the hard work and vision of those regulators who participate in its implementation.”

In addition to Montana, SBS is currently the system of choice in Alabama, Alaska, Delaware, the District of Columbia, Florida, Illinois, Iowa, Kansas, Maryland, Missouri, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, Tennessee, U.S. Virgin Islands and West Virginia. Limited SBS services are also licensed by South Carolina and Virginia.

Click HERE (http://www.statebasedsystems.com/) for more information about SBS.

TNS mv45 120306-3796616

Originally Posted at InsuranceNewsNet on March 5, 2012 by N/A.