You are here:HomeNews CenterInsurance News2008Top NAIC Executives See 2008 Pay Hikes

Top NAIC Executives See 2008 Pay Hikes

The National Association of Insurance Commissioners' five highest-paid employees will see their salaries rise by an aggregate 4.72% in 2008, more than a full point...
January 4, 2008

The National Association of Insurance Commissioners' five highest-paid employees will see their salaries rise by an aggregate 4.72% in 2008, more than a full point higher than the 3.7% merit increases budgeted for employees of the organization as a whole, according to annual data released by the NAIC and reported by A.M. Best's BestWire. Chief Executive Officer Catherine J. Weatherford will again be the regulator group's highest-paid employee, earning a 5.71% increase to $370,000 from $350,000 a year ago. Weatherford has served with the NAIC since July 1996, after previously spending four years as Oklahoma's insurance commissioner.

The NAIC's 2008 budget, approved unanimously at an NAIC plenary session on December 4, calls for $1,675,000 in salary hikes for the group's 423.5 employees. The pay hikes are based on average 3.7% merit increases, which the group notes compares with a U.S. industry average forecast of 3.9%. Also included is funding for a full-time NAIC employee who will be loaned to the staff of the International Association of Insurance Supervisors (IAIS) in Basel, Switzerland.

The overall NAIC spending blueprint foresees a 5.09 percent increase in revenues, up $3.3 million from 2007's projected $65 million.

Top NAIC Executives See 2008 Pay Hikes (BestWeek 1/2/08)

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

NAIC Told to Show More Transparency