The National Association of Insurance Commissioners has adopted a $73.1 million budget that drew criticism from an insurance trade group for excessive spending on travel and other items.
Among items noted by the Property Casualty Insurers Association of America (PCI) was a 486 percent budget increase for commissioner travel--which jumped from $156,000 to $760,000. PCI said this represented an increase of 231 percent between projected 2008 actual commissioner travel and the 2009 budget.
When PCI raised the issue in November, the NAIC said increases for member travel "were intended to supplement declining state travel budgets and ensure NAIC members are able to participate in NAIC national meetings and education and training programs. Budget crises in the states increase the membership's reliance on the NAIC for support and funding of important projects, meetings and education and training needs."
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