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SVO Revamp, New Hires Push NAIC Budget Over $45 Million.

The National Association of Insurance Commissioners has adopted its $45.6 million budget that includes several new staff positions and the reorganization of its Securities Valuation Office in New York.

The spending package, about 7.2% higher than that for 1999, includes an additional $2.2 million for salaries and employee benefits as the NAIC revamps the SVO and hires new employees. The NAIC plans to add staff to its international, technological and training and education areas.

The NAIC expects to pay at least $500,000 to move to a larger facility when its lease on its current offices expires. The NAIC is staying in Kansas City, Mo., but plans to move into a new building in the city's Crown Center.

The NAIC receives most of its money from database fees collected from insurers and generates revenue through publication sales, educational programs, state assessments and national meeting fees. The NAIC nixed insurers' requests that the association return some of the money from fees it may not use.

At a hearing in November, Lenore Marema, vice president of legal and regulatory affairs for the Alliance of American Insurers, asked the meeting's chair, Kansas Insurance Commissioner Kathleen Sebelius, what would happen to excess revenue generated in 2000--particularly from the SVO, for which the NAIC has budgeted $2.4 million for a research unit.

The NAIC also plans to:

* add five new educational programs in 2000, while adding new sessions for some existing programs; and

* implement a new filing-fee structure under the SVO reorganization that will increase revenue from services.
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Title Annotation:Securities Valuation Office in New York
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 1, 2000
Words:257
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