FOR IMMEDIATE RELEASE

South Carolina Implements State Based Systems

WASHINGTON (Oct. 23, 2018) —The National Association of Insurance Commissioners (NAIC) today announced the State Based Systems (SBS) implementation for South Carolina, making it the 29th state to implement the 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," said South Carolina Department of Insurance Director and NAIC Vice President Raymond G. Farmer.

"We are pleased to have the opportunity to work with South Carolina in accomplishing this key technology initiative and for many years to come," said NAIC President and Tennessee Commissioner of Commerce and Insurance Julie Mix McPeak. "SBS offers real value to NAIC members, their licensees and consumers by supporting regulators in their work to simplify critical regulatory processes. 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."

In addition to South Carolina, 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, West Virginia and Wisconsin.

Limited SBS services are also licensed by Virginia.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) 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 NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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