Welcome to Miami Beach for the 219th session of the National Association of Insurance Commissioners. Looking at the meeting agenda
, you'll see we have a dynamic schedule lined up for the next few days.
I would like to note a few 2016 highlights and update you on items we have in progress, starting with Retirement Security. We've put a special focus on this subject this year as we look to protect consumers within an aging population. We're addressing issues in legacy long-term care products and reviewing the use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities, as we also pursue suitability standards.
The NAIC also launched its Life Insurance Policy Locator last month. This new tool provides nationwide assistance for finding life insurance policies and annuities. Since 2010, we've had 23 regulatory actions that have netted more than $6.75 billion in life insurance benefits returned to consumers. We believe this tool will be an invaluable asset for people trying to find lost policies.
We also are supporting state insurance regulators as they implement Principle-Based Reserving (PBR) on Jan. 1. A substantial amount of work is already underway involving two pilot programs. As most of you know, the actual implementation of this new reserving methodology was made possible after 42 states representing at least 75 percent of the U.S. life insurance market enacted the required amendments to the NAIC's Standard Valuation Law.
Our CEO search is in full swing and our EX 1 Committee should have an announcement soon. As this process moves along, I want to thank our officers, members and staff for their support and efforts. We have a strong leadership team to ensure a smooth transition. Looking ahead, we are holding the line financially in 2017. Our proposed 2017 budget includes total revenues (including investment income) of $101.9 million and total expenses of $102.1 million, which represent a 4.4 percent increase and 0.4 percent decrease, respectively, from the 2016 budget.
With cybersecurity still at the forefront of industry and regulation, I want to note that the Cybersecurity (EX) Task Force will be making progress on the draft Insurance Data Security Model Law here in Florida.
I would also like to remind you about CIPR's Fall Event, Insurance Regulation 2.0: Meeting the Challenges of Innovation, which will be held Monday, Dec. 12. The event will focus on the benefits and challenges of innovation in the insurance sector.
Despite our busy schedule, I do hope that you're able to get out and enjoy South Florida's temperate climate. Have a great meeting. Please let me or any NAIC staff member know if there's anything we can do to assist you.
Andrew J. Beal, NAIC Chief Operating Officer & Chief Legal Officer