The National Association of Insurance Commissioners’ (NAIC) said it began its approval process for its 2011 today, after months of development.
The NAIC said its proposed 2011 budget includes total revenues of $75.2 million and total expenses of $75.4 million, which represent a 1.6 percent and 5.3 percent increase, respectively, from the 2010 budget.
“The 2011 proposed budget reflects our primary commitment to serving members in their protection of consumers and maintaining a solvent industry,” said Susan E. Voss, NAIC president-elect and Iowa insurance commissioner. “The proposal includes important investments in NAIC services to the membership and regulated industry. The value of these services is exponential compared to the annual NAIC budget, which represents less than .005 percent of annual industry premium.”
A public hearing has been tentatively scheduled for Nov. 30, 2010, with written comments due by Nov. 15, 2010.
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