The National Association of Insurance Commissioners’ Internal Administration Subcommittee approved the association’s budget for 2001 following a public hearing yesterday. The budget will be considered by the full NAIC membership during the Winter National Meeting in Boston in December.
During the hearing, five interested parties presented their issues and concerns regarding the proposed 2001 budget. Comments from the interested parties focused on the SVO reorganization and the revenues and expenses of NAIC meetings. Assurances were made to all parties that the first quarter of 2001 would be the appropriate time to revisit any revenue and expenses relating to the SVO after a full year of actual results following the reorganization. It was also discussed that NAIC staff could be more mindful of registrants needs for documents, materials and minutes in conjunction with national meetings.
The proposed budget calls for projected revenue of $47.9 million, a 3.3 percent increase. Proposed spending in the 2001 budget is $46.9 million, a 2.8 percent increase next year over current spending. While this budget does not allocate any resources to implement the proposals currently under development in the Gramm-Leach-Bliley Working Groups, fiscal impact statements are being drafted for membership consideration.
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