The National Association of Insurance Commissioners (“NAIC”) adopted a $70.9 million operating budget for 2010 at its winter meeting in San Francisco on Monday, December 7. The budget represents a 0.7% increase in total revenues and a 0.8% decrease in total expenses from the 2009 budget. The budget is funded in part through state assessments, fees charged to insurers for filing with the NAIC’s Financial Data Repository, and revenue from the sale of various publications and insurance data products. Additional sources of revenue include fees for services provided by the Securities Valuation Office, national meeting registration fees, and investment income.
NAIC President-Elect and West Virginia Insurance Commissioner Jane Cline described the budget as a “thoughtful and transparent proposal for 2010,” and emphasized the value of the NAIC’s services, stating, “The value of the NAIC’s centralized systems, products and services translate to tremendous efficiencies and cost savings to the regulated industry, greater uniformity in the state regulatory structure and a more coordinated and effective regulatory regime for the purpose of strong consumer protection.”