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NAIC Chooses Officers, Okays 2010 Budget

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The National Association of Insurance Commissioners has elected Iowa Insurance Commissioner Susan Voss to be the 2010 president-elect.

Members of the NAIC, Kansas City, Mo., held officer elections Monday in San Francisco, during the group’s winter meeting.

Voss was appointed Iowa insurance commissioner in 2005. She also has served in a number of other positions in the Iowa state government, including assistant attorney general for the Iowa Department of Transportation. She has a bachelor’s degree from Simpson College and a law degree from Gonzaga University.

Jane Cline, the West Virginia insurance commissioner, will be taking over from Roger Sevigny, the New Hampshire commissioner, as the NAIC’s president.

Kevin McCarty, of Florida, will be the 2010 vice president, and Kim Holland, of Oklahoma, will be the secretary-treasurer.

The zone chairs will be Michael McRaith, Midwestern Zone; Thomas Sullivan, Northeastern Zone; Scott Richardson, Southeastern Zone; and Linda Hall, Western Zone.

The NAIC also approved a 2010 budget that assumes the group will take in about $74 million in revenue and have about $71 million in expenses.

The NAIC is planning for expenses to be 0.8% lower than in 2009.

NAIC expects to generate about $2.7 million more in operating revenue and investment income in 2009 than it spends, but some sources of revenue are shrinking.

Database revenue, fell example, is expected to total about $25.5 million, which is 0.2% less than the NAIC had projected in its budget.

Revenue from publications and insurance data products will total about $18 million, which will be about 2.2% less than budgeted, the NAIC says.

The NAIC is expecting statement assessments to increase 2.3% in 2010, to $2.2 million, but the NAIC also is expecting assessments from some hard-hit states, such as California and Florida, to be lower than in 2009.

The NAIC has authorized 434.5 full-time equivalent employees.

The NAIC has responded to the economic slump by imposing a freeze on salary increases and by conducting a “more systematic and high priority-based review” when filling vacant staff positions, the group says.