The National Association of Insurance Commissioners is hoping to increase revenue by 4.9% in 2008 while increasing expenses just 2.2%.
The NAIC, Kansas City, Mo., has released a 142-page budget that calls for the group to spend $66.4 million and take in about $68.2 million.
The NAIC held a hearing on the budget Tuesday, and the NAIC’s Internal Administration Subcommittee voted to advance the budget.
The full NAIC membership is set to vote on the proposal in Houston at a 3-day winter meeting that will start Dec. 2.
Several insurance trade groups have submitted comments on the NAIC’s budget proposal.
The American Council of Life Insurers, Washington, expressed concern about both the overall expansion of the budget and the anticipated surplus.
“Annual revenues and expenses do not need to be on an automatic upward glidepath,” ACLI officials write in that group’s comment letter.
The NAIC has a projected $55.4 million accumulated surplus, and, as a 501(c)(3) organization, there is no need for NAIC revenues to exceed expenses, ACLI officials write.
The NAIC should hold down database filing fees, Securities Valuation Office fees and National Insurance Producer Registry fees, ACLI officials write.