(Washington, Economic & Insurance News by Insurance Market 360) – National Association of Insurance Commissioners, NAIC, on 29 January 2021 announced the inclusion of Vermont department of financial regulation to licence state based systems, SBS a 33rd in its latest count.
Michael Pieciak, Vermont Department of Financial Regulation Commissioner, expressed that, “SBS provides us with the opportunity to streamline our processes and improve our services and I am pleased to have licensed SBS and look forward to completing the implementation process.” He added that, “this is an exciting opportunity in our SBS implementation that we expect will result in across the board improvements to the services we provide our consumers, licensees and insurers.”
Electronic system will not help in rendering timely and quality services related to licences, complaints management, enforcement with fewer amounts of efforts and also to work on par with the national standards and protocols in Insurance sector.
Vermont as a licensing agency to SBS is expected to offer a variety of product services in the domains of facilitating licences to producers and companies, design and conduct capacity building programs and monitoring them, consumer related services, enforcement of the statutory norms, fraud reporting and support systems, exam tracking and revenue management.
For more details and list of the 32 licensed organizations and for other details you may look into the official portal of NAIC, www.naic.org
Source: www.naic.org
Reference: https://content.naic.org/article/news_release_vermont_becomes_33rd_naic_member_license_state_based_systems.htm