You are here:HomeNews CenterInsurance News2007New NAIC $68.3 Million Budget Assigns Full-Time Employee to Switzerland

New NAIC $68.3 Million Budget Assigns Full-Time Employee to Switzerland

The just-approved $68.3 million budget for the National Association of Insurance Commissioners (NAIC) includes an item to fund a full-time NAIC employee who will be...
December 11, 2007

The just-approved $68.3 million budget for the National Association of Insurance Commissioners (NAIC) includes an item to fund a full-time NAIC employee who will be loaned to the staff of the International Association of Insurance Supervisors (IAIS) in Basel, Switzerland. The assignment of the staffer is intended "to provide support and enhance IAIS internal administration and transparency related to the NAIC," according to the NAIC.

The NAIC's 2008 spending blueprint was approved unanimously at an NAIC plenary session on December 4. The budget foresees a 5.09 percent increase in revenues, up $3.3 million from 2007's projected $65 million. Expenses would increase to $66.5 million in 2008, up 2.55 percent from $65 million in 2007.