NAIC $41M Surplus, Spending Challenged By Insurance Groups
The National Association of Insurance Commissioners $41 million surplus is too large and the organization is spending too much on meetings, travel and other projects, according to several trade groups representing insurers.
Stephen W. Broadie, assistant vice president of the National Association of Independent Insurers in Des Plaines, Ill., while acknowledging that NAIC needs "some degree of cushion," stated that "a surplus of this magnitude must be questioned."
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