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Regulation and Compliance > State Regulation

NAIC Cuts Costs

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The National Association of Insurance Commissioners hopes to reduces expenses 0.8% in 2010, to about $71 million.

The NAIC, Kansas City, Mo., is estimating revenue will increase 0.7%, to about $74 million, and that it will end the year with about $2.7 million in income.

The NAIC started putting the 2010 budget through the formal approval process Wednesday.

The NAIC will hold a hearing on the budget Nov. 5. Comments are due Oct. 23.

A copy of the budget is available here.

“Like all businesses in the current economy, the NAIC has also experienced certain impacts in its budget,” NAIC President-Elect Jane Cline says in a statement. “In response, we have worked diligently to reduce costs and seek opportunities for revenue enhancement.”

The NAIC will be helping member states respond to local budget pressures by providing at least $13,000 in additional commissioner travel subsidies per state, and more grants for commissioners who can show that their regulators need more financial assistance to participate in NAIC meetings and educational programs.

The NAIC also plans to spend $3,000 per state for member states to host state lawmakers at the 2010 NAIC fall meeting in Orlando, Fla.

In related news, the NAIC says it hopes to replace the current market conduct annual statement database filing process with a Web-based system in 2011.

The system will take in 2010 statement data for all states, officials say.


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