With the integration of NAIC and NIPR services and initiatives, and as licensing standards change and modernize, SBS Producer enables the state insurance departments to efficiently manage the producer life cycle with full regulatory control, resident and nonresident alike. External tools largely shift data entry and data/status verification responsibilities to producers, reducing errors and amplifying in-house productivity.
SBS Company provides an efficient yet thorough method of regulating company licensing for the state insurance departments. Many stages of the company licensing process are accommodated, whether accomplished piecemeal as it happens, or all at once when the process is complete and the outcome is known. SBS Company provides extensive and flexible reporting and data-extract capabilities, as well as integration with NAIC's I-SITE+.
With SBS Continuing Education, state insurance departments can complete many aspects of licensees' compliance in regard to CE requirements. This integrated external tool affords freedom from data-processing tasks and allows more accurate, real-time updating of producers' records.
SBS Transaction Manager combines SBS To-Do List with functionality included in NIPR’s State Interface, allowing users to review and approve/deny pending licensing and education provider applications in a single user friendly interface. For licensing, there is direct access to the State API and the applicant’s summary page.
SBS Consumer Services handles complaint, inquiry or consumer assistance case management for state insurance departments. Complete integration with SBS Company and SBS Producer allows users to pull entity information from their state licensing database directly into the case summary.
SBS Enforcement provides a tool for state insurance departments to conduct and complete investigations when regulatory action is necessary, and is designed to effortlessly share data among SBS Consumer Services and SBS Investigations. SBS Enforcement accesses protected data that is unavailable through other systems, and tracks the adjudication, penalty and restitution phases.
SBS Investigations allows users to manage the investigation of consumer and industry fraud. Cases can be initiated from multiple tools, including the NAIC's Online Fraud Reporting System (OFRS), SBS Consumer Services and SBS Enforcement. Chronological activity log is provided to view and print.
SBS Correspondence allows users to create, store and track free-form and fixed-format correspondence. Fixed-format correspondence originates with templates created and maintained by the state; therefore, new letters can be added quickly without the need for development support. Large Volume Correspondence supports the creation of fixed-format letters used in license renewals, the distribution of notices, and so forth, to a large number of recipients with a single request.
SBS Revenue facilitates the tracking of many types of revenue collected by the state insurance departments. SBS Revenue supports the batching of payments, as well as the allocation of a single payment across multiple payment types and entities.
SBS Market Conduct Examinations supports a wide variety of regulatory needs when tracking market conduct examinations. Through this SBS service, the state insurance departments can track all key elements, examiners, locations, costs, violations, and penalties of a market conduct exam using SBS case management functionality.
SBS Regulated Industries Services (RIS) is focused on supporting state insurance department regulatory needs outside of what would normally be considered insurance-based businesses. RIS supports such areas as continuing care retirement communities, pre-need funeral sellers and providers, residential service companies and motor vehicle contract companies — just to name a few.
SBS allows states to track External Healthcare Review cases through the use of the SBS market regulation tools. The concept of this service is to allow insurance companies, independent review organizations (IROs) and the state insurance departments to share documents related to healthcare issues via a Web-based interface.
All SBS services are completely integrated with NAIC's I-SITE+, an online interface designed for state insurance departments to obtain comprehensive financial, market conduct, producer licensing and securities information.