The National Association of Insurance Commissioners formally ratified its $73.1 million 2009 budget by acclamation at its winter meeting.
The budget anticipates $73.1 million in revenues, a 7.1 percent increase, and $70.7 million in expenses, 6.0 percent higher than in 2008. A number of insurance groups, whose members fund the NAIC, have criticized the budget as being irresponsible during the financial downturn. NAIC leaders have defended the budget, saying the increase is needed to fund member services and state participation in NAIC activities. The budget is “mindful and prudent,” said incoming NAIC President Roger Sevigny. “We have crafted a 2009 budget that allows us to increase our support of member initiatives and state participation in NAIC activities,” said Sevigny. “In doing so, we are keeping our commitment to protect policyholders and ensure strict regulatory oversight of the insurance industry.”
December 9, 2008