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FOR IMMEDIATE RELEASE

NAIC BEGINS 2014 BUDGET APPROVAL PROCESS
   

WASHINGTON, D.C. (OCT. 16, 2013) The National Association of Insurance Commissioners' (NAIC) proposed 2014 budget is proceeding through the approval process, following months of development by NAIC officers, the NAIC Internal Administration Subcommittee, NAIC Executive Committee and executive staff.
   
“The 2014 proposed budget reflects the NAIC’s commitment to prudently manage expenses while investing in important projects to enhance the association’s ability to evolve with changes in insurance regulation,” said Adam Hamm, NAIC President-Elect and North Dakota Insurance Commissioner. “The NAIC provides its members with the tools and resources necessary to regulate companies in a sound and cost-effective manner.”
   
The NAIC 2014 proposed budget includes total revenues of $93.2 million and total expenses of $91.8 million, which represents a 3.68% and 3.87% increase, respectively, from the 2013 budget.
   
There are eight Business and Fiscal Impact Statements (fiscals) proposed in the 2014 budget:
   
1.   State Based Systems (SBS) Software Enhancement and Technology Compliance Initiative. This is Phase II of a multi-year project to redesign SBS services by updating the SBS architecture and tool set, providing enhanced performance, stability and scalability.
   
2.   Integrated Securities Information System (ISIS) Rewrite.  This is Phase I of a multi-year initiative to redesign and enhance the existing systems that support the processing of data/information for the Securities Valuation Office, the Capital Markets Bureau and the Structured Securities Group.
   
3.   Human Resources Management Information System. This initiative is an upgrade to the current human resource and information system to provide increased functionality and improved performance over the current system.
   
4.   SERFF Public Access Implementation. This initiative will enable a state to leverage SERFF via the state website to facilitate access to filings the state has identified as subject to public access, thereby reducing the state’s back-office and support costs.
   
5.   NAIC and States’ Resource for Principle-Based Reserving (PBR) Valuation. This initiative will provide support to states in their implementation of PBR.
   
6.   NAIC and States’ Resource for Own Risk and Solvency Assessment (ORSA). This initiative will provide support to states in the implementation of the Risk Management and Own Risk and Assessment (RMORSA) Model Act.
   
7.   Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions. This proposal will provide the support necessary to conduct the reviews required by the Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786).
   
8.   NAIC Educational Outreach. This initiative will educate domestic and international policymakers about the merits and effectiveness of the U.S. regulatory system.

Click HERE to view the NAIC's proposed 2014 budget.
   
*Please note the 2014 proposed budget is over 200 pages and is set up for duplex printing.
      
Public Hearing 
A public hearing will be scheduled in late November. Once the conference call date/time has been finalized (by the end of October), the details will be posted on the NAIC website. Please provide any written comments on the proposed budget to Jim Woody at jwoody@naic.org by November 15, 2013.

 

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About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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