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November 14, 2007 at 11:01 PM
Members of the National Conference of Insurance Legislators might seek 4% of the state fee revenue now going to the National Association of Insurance Commissioners.
The proposal will come up for discussion this week, at a 5-day NCOIL annual meeting that will start Wednesday in Las Vegas.
States now pay the NAIC, Kansas City, Mo., assessments linked to insurance premium volume.
NCOIL’s Insurance Legislators Foundation board has included the state fee sharing proposal in the second phase of a report on state insurance regulation.
NCOIL members discussed the first phase of the draft report this summer.
The ILF board and NCOIL’s executive committee will review the second phase of the draft, which includes the fee sharing proposal, Friday in Las Vegas.
NAIC officials had no immediate comment on the proposal.
The authors of the ILF draft report contend that the NAIC is collecting more revenue than it needs.
The total amount of NAIC state fee revenue will increase to about $2.1 million in 2008, from $1.9 million in 2005, and the NAIC’s surplus of assets over liabilities is on track to increase to $57 million in 2008, from $54 million in 2005, the ILF says.
