Insurance industry representatives examining the National Association of Insurance Commissioners' proposed 2009 budget are questioning a variety of items including the severance package for the NAIC's former chief executive and outlays for a new rating agency.
Beside the severance package for Cathy Weatherford, the former $370,000-a-year NAIC executive vice president and CEO, who quit abruptly in August, insurers are also looking at the cost of the NAIC developing a national catastrophe model, the recently adopted market conduct analysis program and the cost of setting up the NAIC's executive team in Washington.
The questions from insurance industry trade groups were directed at Roger Sevigny, NAIC president-elect and New Hampshire insurance commissioner.
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