FOR IMMEDIATE RELEASE

HOUSTON (Dec. 4, 2007) — Members of the National Association of Insurance Commissioners (NAIC) today adopted the Association’s 2008 operating budget.

“The development and review of this budget has undergone significant scrutiny and process over the past five months,” said NAIC President-Elect and Kansas Insurance Commissioner Sandy Praeger. “I am confident the budget is fiscally responsible and provides the necessary resources to assist the states in advancing the NAIC’s strategic initiatives.”

The 2008 approved budget calls for $68.3 million in revenue and $66.5 million in expenses. This is an increase of 5.09 percent and 2.55 percent, respectively, from the 2007 projected revenues and expenses. Additions to the budget include:

• NAIC Secondee to the International Association of Insurance Supervisors (IAIS) — A full-time NAIC employee to be placed on sabbatical to the IAIS in Basel, Switzerland, in order to provide support and enhance IAIS internal administration and transparency related to the NAIC.
• Market Regulatory Support Services — A proposal that focuses on enhancing the support services provided by the NAIC’s Market Regulation Division in helping state insurance regulators implement important modernization initiatives and reforms.
• Education and Training Programs — Three new education programs are proposed for 2008 on fraud investigation, risk-based capital and financial analysis.

NAIC staff began working on the budget in May and formally presented it to the membership in October. A public hearing was held in November to provide insurance trade associations and consumer representatives, as well as NAIC members, an opportunity to provide comments.

For more information about the NAIC budget, please visit www.naic.org/about_budget.htm.

About the NAIC

Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at www.naic.org/press_home.htm.

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©2007 National Association of Insurance Commissioners. All rights reserved.