The National Association of Insurance Commissioners has begun setting its 2008 budget. The group will have more money to work with than it did in 2007.
The 2008 budget proposes revenues and expenses of $68.2 million and $66.4 million, respectively. The proposed budget forecasts revenue growth of 4.9 percent, which it says is largely supported by the NAIC’s information technology systems. The NAIC’s expense budget is projected to grow by 2.3 percent.
“We have been working hard over the past several months to develop a budget for the coming year that is balanced, yet flexible enough to meet the organization’s changing needs,” said NAIC President-Elect and Kansas Insurance Commissioner Sandy Praeger. “As always, we are bringing forth a proposed budget that supports our mission to protect consumers and ensure the solvency of the industry.”
The budgets anticipates several new initiatives including the addition of a full-time staff person to work with the International Association of Insurance Supervisors (IAIS) in Basel, Switzerland.
It also calls for enhancing the support services provided by the NAIC’s Market Regulation Division to state insurance regulators implement imodernization initiatives and reforms.
Three new education programs are proposed for 2008 on the following topics: fraud investigation, risk-based capital and financial analysis.
“The staff have been laboring since May to develop a lean, yet sound budget that reflects the established business support needs of state insurance departments and current strategic initiatives,” said NAIC Executive Vice President and CEO Catherine J. Weatherford. “Once again, the budget will be published in great detail, allowing all interested persons to understand the allocation or use of NAIC financial resources.”
A complete version of the NAIC’s proposed 2008 budget is available via the NAIC Web site at www.naic.org/about_budget.htm. A public hearing has been scheduled for Nov. 6, 2007.
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