NU Online News Service, Dec.7, 4:05 p.m.EST

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The National Association of Insurance Commissioners adopted a$70.9 million operating budget for 2010 at its winter meeting inSan Francisco.

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NAIC's outlay includes total revenues of $73.6 million and totalexpenses of $70.9 million, which it said represent a 0.7 percentincrease and an 0.8 percent decrease, respectively, from the 2009budget, for $2.7 million in projected net revenue.
Among the items is $252,000 for commissioner travel to NAICNational Meetings and $250,000 is earmarked for needs-based GrantFunds for NAIC National Meetings.
Net revenue for 2010 was projected as $2,663,271 compared with $1,578,892 for 2009. The expense increase listed for salaries was$2, 049,347.

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"We believe the NAIC budget represents a thoughtful andtransparent proposal for 2010," said NAIC President-Elect and WestVirginia Insurance Commissioner Jane Cline.

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"The value of the NAIC to its membership and regulated entitiesis clear from the State Insurance Regulatory Toolkit – value whichfar exceeds the annual operating budget," she said.

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Ms. Cline added that "the value of the NAIC's centralizedsystems, products and services translate to tremendous efficienciesand cost savings to the regulated industry, greater uniformity inthe state regulatory structure and a more coordinated and effectiveregulatory regime for the purpose of strong consumerprotection."

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Business and Fiscal Impact Statements for three new policy andbusiness initiatives at the NAIC include:

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oMarket Conduct Annual Statement: a proposal to replace thecurrent Access database filing process with a Web-based front-endapplication for the collection of 2010 data in 2011 by allstates.

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oApplication Development and Testing Tools Expansion: proposalexpands existing information technology tools for managing thetesting and development of NAIC applications and databases.

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oSolvency Modernization Webinar: proposal to offer a new NAICeducation and training course on Solvency Modernization.

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NAIC staff began working on the budget in May and formallypresented it to the membership in September. A public hearing washeld in November to provide insurance trade associations andconsumer representatives, as well as NAIC members, an opportunityto provide comments.

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Information about the NAIC budget is online at www.naic.org/about_budget.htm.

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