National Association of Insurance Commissioners (NAIC) officials said South Carolina has become the 29th state to implement the State Based Systems (SBS), a suite of technology solutions.
SBS provides a comprehensive set of regulatory tools tailored to the requirements of NAIC members. Its use increases the efficiency of state insurance department operations.
“SBS enables us to more efficiently handle agent licensing applications while improving customer service for the more than 295,000 licensees who are licensed to do business in our state,” Raymond G. Farmer, South Carolina Department of Insurance director and NAIC vice president, said.
NAIC President and Tennessee Commissioner of Commerce and Insurance Julie Mix McPeak said the association is pleased to have the opportunity to work with South Carolina in accomplishing technology initiatives.
“SBS offers real value to NAIC members, their licensees and consumers by supporting regulators in their work to simplify critical regulatory processes,” McPeak said. “Simplifying regulator processes allows insurance departments to put a greater focus on consumer protection. I am happy to congratulate Director Farmer and his staff on this great accomplishment.”
NAIC serves as the nation’s standard-setting and regulatory support body created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.