NAIC: Wisconsin 29th State to Join State Based Systems

The National Association of Insurance Commissioners (NAIC) reported that Wisconsin is the 29th state to license State Based Systems (SBS), an electronic-filing tool created for NAIC members to increase efficiency in regulatory functions.

“We believe our transition to SBS will increase our ability to effectively respond to the needs of our licensees, insurance companies and consumers while reducing our costs,” Wisconsin Insurance Commissioner Ted Nickel said. “We appreciate the extensive reporting capabilities SBS offers and the in-depth integration with National Insurance Producer Registry (NIPR) will allow us to offer more internet based tools that support business critical processes.”

SBS offers a variety of product services for producer licensing, company licensing, consumer services, enforcement, fraud, exam tracking and revenue management.

In addition to Wisconsin, SBS is currently 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, Tennessee, U.S. Virgin Islands and West Virginia. Limited SBS services are also licensed by South Carolina and Virginia.

Source: NAIC