CONTACT:             Marc Goodman

                              UBmatrix

425-285-0200

marc.goodman@ubmatrix.com

 

The National Association of Insurance Commissioners (NAIC) selects UBmatrix for XBRL training and taxonomy development support for demonstration project.

 

KIRKLAND, WA – May 16, 2005 – UBmatrix, the leading provider of solutions based on XBRL, the global standard for automated business reporting and analysis, announced today that The National Association of Insurance Commissioners (NAIC) has selected UBmatrix to provide technical support and training in the development of an XBRL Demonstration Project for use with the NAIC’s insurance statutory financial reporting data.

 

UBmatrix will work with the NAIC to develop a XBRL taxonomy methodology; develop a limited insurance statutory XBRL taxonomy, and use the taxonomy to produce XBRL instance documents for a subset of insurance company financial data. UBmatrix has been hired to mentor and train NAIC’s business and technical staff and provide business and technical assistance and guidance to the NAIC during the Project.

 

The NAIC is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and U.S. territories.  The association’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise.

 

About UBmatrix

UBmatrix provides software and services that address the problems and challenges inherent within enterprise business reporting. Our products are based on XBRL, a global standard that automates and streamlines the processes and workflows of business reporting. Information can easily be shared and repurposed in a consistent electronic format across systems and applications. Reported data can be quickly found, easily compared, validated and analyzed in more sophisticated ways.

 

UBmatrix has a family of products that are built into enterprise IT infrastructure to enable a holistic approach to integrating enterprise-wide data sources, and provide more accurate, streamlined and compliant business reporting systems. This also extends business reporting, by enabling users to create reports in virtually any format such as PDF, HTML, Word, Excel and other applications that capture and analyze data. This capability enables a high return on investment because it uses a global standard language that maps the data to a single metadata structure. This provides corporations with an enterprise-wide data model that describes where the data resides, allows business rules to be applied, and adds important context to the data. The data can now be validated to ensure accuracy, while the information remains tied to the data source to retain a “who, what and when” audit trail for compliance.

 

UBmatrix has been committed to XBRL since 1998, credited as the originators of XBRL, and recognized worldwide for its vision, technology and customer commitment.

 

The company is headquartered in Kirkland Washington, with offices in Australia, Japan, Korea, and Singapore. UBmatrix can be reached at 425-285-0200, or www.ubmatrix.com.

 

 

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Marc Goodman

UBmatrix

Director of Marketing

803 Kirkland Ave., #200

Kirkland, WA 98033-6318

Phone # 425-285-0200

Fax # 425-285-0299

www.ubmatrix.com