NAIC Projects $55.3M For ?04 Expenses, 2.2% Jump
NU Online News Service, Dec. 9, 12:11 p.m. EST?National Association of Insurance Commissioners members have approved a budget for next year that projects expenses will increases 2.2 percent to $55.3 million.The group's spending scheme also calls for projected revenue of $57.6 million, a 5.59 percent rise. Action on the budget came at their winter meeting now under way in Anaheim, Calif. [@@]
Ernst Csiszar, South Carolina's insurance director and NAIC's newly elected president, said he was pleased that NAIC has been able to address a variety of comments, retain the resources needed to provide a high level of service to members, and produce a budget that has no proposed fee increases, other than those related to a proposal for the Securities Valuation Office proposal.
NAIC's executive vice president Catherine Weatherford said that "transparency remains a key part of our budget process. We continue to prudently manage our expenses and implement specific cost control measures, even as regulatory demands increase."
Up-to-date information on the NAIC 2004 budget is available at www.naic.org/about/2004_budget_proposal.htm.
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