Printer Friendly

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.
COPYRIGHT 2000 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Securities Valuation Office in New York
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 1, 2000
Previous Article:NAIC to Poll Insurers on Date Change.
Next Article:Agent-Licensing Model Near Approval.

Related Articles
Washington Office Regains NAIC Accreditation.
NAIC may hold fewer national meetings. (Briefing: NAIC Fall National Meeting).
NAIC's own Insurance costs rise 25%. (Briefing).
Mark him present: after 30 years of meetings, response vice president is the unofficial NAIC historian.
NAIC is studying proposal to change reinsurance rules.
Common ground: state and national interests meet at the NAIC. A look at 10 years of operations shows an evolving focus.
Fingerprint database's cost one of many industry concerns.
Familiar refrain: as the NAIC considers its 2007 budget, insurance industry concerns of years past echo once more.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters