March 24, 2022
Massachusetts Becomes 32nd Â鶹´«Ã½ Member to Implement SBS
The Â鶹´«Ã½ (Â鶹´«Ã½) announced today the (SBS) implementation for Massachusetts.
The electronic system enables state insurance departments to more efficiently and effectively process license applications, renewals, inquiries, complaints, enforcement actions, and more with a minimum of effort while remaining compliant with national uniformity initiatives.
The functionality offered by SBS and its seamless integration with mission critical tools offered by the National Insurance Producer Registry (NIPR) will provide significant productivity gains. Those gains are expected to help in Massachusetts’ mission to protect insurance consumers efficiently and effectively.
Implementing SBS offers a great opportunity for insurance departments to improve their services by adopting SBS as it was developed in partnership with state regulators. That partnership still thrives today and continues to provide real business value to Â鶹´«Ã½ members who choose to implement SBS. The staff in Massachusetts is expected to benefit from the real and measurable impact of SBS to their business processes.
In addition to Massachusetts, SBS is currently the system of choice in Alabama, Alaska, Arizona, Arkansas, Connecticut, Delaware, the District of Columbia, Florida, Hawaii, Illinois, Iowa, Kansas, Massachusetts, Maryland, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Carolina, Tennessee, U.S. Virgin Islands, West Virginia, and Wisconsin. Limited SBS services are also licensed by Virginia.
About the Â鶹´«Ã½
As part of our state-based system of insurance regulation in the United States, the Â鶹´«Ã½ (Â鶹´«Ã½) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the Â鶹´«Ã½, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. Â鶹´«Ã½ staff supports these efforts and represents the collective views of state regulators domestically and internationally.