Members of the National Association of Insurance Commissioners have approved a $65 million operating budget for 2007.
The 2007 final consolidated budget calls for $65 million in total revenue and $64.8 million in total expenses, an increase of 6.4 percent and 8.2 percent, respectively, from the 2006 projected revenues and expenses.
The budget includes the International Association of Insurance Supervisors Annual Conference, which the NAIC is hosting in 2007. The conference, which is a one-time event that will not be repeated in subsequent budgets, adds an additional $642,775 or a 1.1 percent increase in both revenues and expenses.
“The NAIC’s dedication toward the modernization of state-based insurance regulation is made evident through this budget,” said NAIC President and Maine Insurance Superintendent Alessandro Iuppa. “The budget process is detailed and deliberative, and it is focused on modernization initiatives and those areas that benefit insurance consumers and the insurance industry alike.”
“Our constant support of regulatory initiatives is the basis of the NAIC’s business strategy plan, which is designed to meet the Association’s mission, values and goals,” said Catherine J. Weatherford, NAIC executive vice president and CEO. “This budget reflects the NAIC’s vision and guiding principle of protecting consumers and promoting a healthy and solvent insurance marketplace.”
The complete NAIC 2007 budget can be accessed at www.naic.org.