Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Running Your Business

NAIC To Align SBS, Producer Registry

Your article was successfully shared with the contacts you provided.

The National Association of Insurance Commissioner says it and an affiliate are making changes that could speed up the producer licensing process.

The affiliate, the National Insurance Producer Registry, will improve the way its licensing system meshes with the NAIC’s State Based Systems products, according to the NAIC, Washington.

When producers submit complete NIPR applications to a state that uses the SBS system, the state can receive and process the applications almost immediately, then send approvals back through NIPR to the producers within a few minutes, the NAIC says.

The system can handle renewal applications, appointments, terminations and address change requests as well as original applications.

The new process replaces a process that can take 24 to 48 hours, the NAIC says.

Jurisdictions now using the SBS include Alabama, Delaware, Florida, Illinois, Iowa, Kansas, Missouri, New Hampshire, New Jersey, North Carolina, North Dakota, Puerto Rico, Rhode Island, Tennessee and the District of Columbia.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.