NAMIC Comments on NAIC Proposed Budget
In comments submitted on Nov. 9, the National Association of Mutual Insurance Companies (NAMIC) expressed concern with various aspects of the National Association of Insurance Commissioners' proposed 2013 budget, which will be the subject of a public hearing on Nov. 29.
NAMIC cited concern with both the overall growth of the budget in what marks a continuing trend and with specific items including the size of the NAIC’s operating reserve and significant increases in travel expenses. NAMIC also questioned the need for two new projects described in fiscal initiatives, one to create a financial staff exchange program in which the NAIC would facilitate state-to-state cross training, and another to conduct a catastrophic financial stress test. For both, NAMIC suggested that the objectives of the initiatives already can be or are being met by existing means.
NAMIC also commended the NAIC for its budgetary decision to end the practice of charging fees access to NAIC model laws, regulations, and guidelines and expressed hope that the move would mark the beginning of a favorable trend.
Contact: Lisa Floreancig
Public Affairs Director - State & Policy Affairs