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November 07, 2008 at 10:59 AM
Industry group reps and the National Association of Insurance Commissioners are talking about ways to reconcile the NAIC’s 2009 budget with the financial pressures now facing insurers.
State insurance commissioners advanced the 2009 NAIC budget following a public hearing held earlier this week.
Members of the NAIC’s internal administration subcommittee have approved the budget, according to NAIC President-elect Roger Sevigny, the New Hampshire Commissioner.
The budget still must be approved by the NAIC’s executive committee and the body that represents all voting NAIC members.
During the budget hearing, representatives from industry trade groups emphasized the effects of hard economic times on their members’ operations.
Insurers are hoping for constraint in the NAIC’s budget given the fact that “the insurance industry is facing revenue constraints,” said Deirdre Manna, a vice president at the Property Casualty Insurers Association of America, Des Plaines, Ill.
Insurers have to “service their customers and clients with less,” Manna said.
Trade group reps raised questions about a $540,000 budget item for an international liaison director and $168,000 set aside for insurance commissioner and insurance department staffer travel expenses.
