Members of the plenary of the National Association of Insurance Commissioners, a body that includes all voting NAIC members, voted unanimously Tuesday to pass the NAIC’s 2008 budget.
The NAIC, Kansas City, Mo., also has announced the election of the group’s 2008 officers.
During a session here at the NAIC’s winter meeting, Sandy Praeger, Kansas insurance commissioner and the new NAIC president, noted that the proposed budget had not received much criticism from industry participants.
The 142-page, $68 million budget projects a 5.09% increase in revenue, to $65 million, and a 2.55% increase in expenses, to $66.5 million.
The new budget includes funding for a full-time NAIC employee who will be loaned to the staff of the International Association of Insurance Supervisors, Basel, Switzerland; extra support services for the NAIC’s market regulation division; and education and training programs focusing on fraud investigation, risk-based capital and financial analysis.
In addition to Praeger, the new NAIC officers include Roger Sevigny of New Hampshire, who will be president-elect; Jane Cline of West Virginia, who will be vice president; and Susan Voss of Iowa, who will be secretary-treasurer.
Praeger, who has been the Kansas commissioner since 2002, previously served three terms in the Kansas Senate and one term in the Kansas House. She also served a term as mayor of Lawrence, Kan., the home of the University of Kansas.