The Oklahoma Insurance Department (OID) is preparing to make the lives of licensees and other entities it regulates easier with the introduction of the State Based Systems (SBS) regulatory system.
SBS is a software system designed with state regulation in mind. The product suite offers services for producer licensing, company licensing, consumer services, enforcement, and revenue management. The system simplifies and streamlines the communication of business-critical information to the state and reduces the licensee’s time spent on licensing-related issues, increasing the time available for conducting business. SBS gives users control over numerous aspects of their licensing records, reducing data entry errors, incomplete applications, and processing delays, which, in turn, optimizes efficiency.
The system will work hand-in-hand with the National Insurance Producer Registry (NIPR). The combined services provide the ability to apply for an original license or to renew an existing license online. The system also integrates the state’s license testing and continuing education processes, uploads attachments directly to applications and makes address changes with renewal submittals.
The SBS Online Licensee Services (OLS) enables licensees and license administrators to manage one or many licenses and to produce reports on all licensees, either singly or in groups. Other services include:
- License printing;
- Making address changes;
- Viewing continuing education transcripts or license detail;
- Signing up for automatic email notifications.
SBS’ Licensee Lookup is a free service that provides consumers with 24-hour access to pertinent information about licensees from the OID. SBS Licensee Lookup allows consumers to verify that a licensee is legitimately licensed to do business in the state and that the license is in good standing.
During the system change and data migration, all licensing and CE systems will be unavailable from June 1, 2011-June 20, 2011. All licensees have the ability to renew up to 90 days early. The OID recommends anyone whose license is due to renew in the months of June or July take advantage of the ability to renew early and do so prior to May 31, 2011.
To assist licensees, license administrators and managers, CE providers and others handling licensing and CE for professionals in the insurance industry, the OID will host events offering your choice of 2 or 3 hours of Legislative Update Credit for FREE to showcase SBS and NIPR. The OID will provide additional information on registering for the events in future emails. Please mark your calendars with the following dates:
- June 14th 2011, in Oklahoma City, at Francis Tuttle Technology Center.
- June 15th 2011 in Tulsa, at Tulsa Technology Center.
For both events, registration will begin at 8:00am. Information for licensees will be from 8:30-10:30 and for CE providers and other interested parties from 8:30-11:30.
SBS and NIPR will be operational towards the end of June. Between now and then, the Oklahoma Insurance Department will be providing licensees with periodic updates about the switch to the new system. Watch the Oklahoma Insurance Department website —www.oid.ok.gov – for additional updates.