New Mexico recently became the 28th state to implement the State Based System (SBS) electronic filing tool developed by the National Association of Insurance Commissioners (NAIC) to make regulatory functions more efficient.
SBS is an electronic filing tool and integrated platform that has applications for producer licensing, company licensing, consumer services, enforcement, fraud reporting, exam tracking and revenue management.
“State Based Systems will enable us to improve the services we offer,” John Franchini, the insurance superintendent for New Mexico, said. “As part of our SBS implementation, we will now offer real-time continuing education tracking, free unlimited insurance license printing and a variety of insurance company, licensee and course lookup tools.”
Prior to New Mexico’s implementation of SBS electronic filing, Arizona became the 27th state to do so in April. Leslie Hess, the interim director of the Arizona Department of Insurance, said her staff could use the fully integrated program to accomplish “the majority of their work.”
“With SBS implementation in New Mexico, 28 NAIC members now rely on SBS to support critical insurance regulatory and consumer protection initiatives,” Ted Nickel, the president of NAIC and the insurance commissioner of Wisconsin, said. “As a market leader, SBS supports uniformity and ultimately makes insurance regulation more timely, efficient and cost-effective.”