Members of the National Association of Insurance Commissioners (NAIC) last week elected officers for 2021 and approved a budget for 2021.
The regulators on track to lead the NAIC in 2021 are:
- President: Dave Altmaier of Florida
- President-elect: Dean Cameron of Idaho
- Vice President: Chlora Lindley-Myers of Missouri
- Secretary-Treasurer: Andrew Mais of Connecticut
The NAIC expects to spend $172 million in 2021 on $119 million in revenue, up from about $116 million in expenditures and $113 million in revenue this year, according to an NAIC budget overview.
(Related: NAIC Did Fine in 2019. But…)
The NAIC is a Kansas City, Missouri-based group for the top insurance regulators in the 50 states, five U.S. territories and the District of Columbia.
The United States leaves regulation of the business of insurance up to the states. The NAIC helps state insurance regulators share ideas and develop models for bills, regulations and other types of documents, such as consumer guides.