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NAIC Budget
NAIC Budget

The NAIC's annual budget process is an open and deliberative process among the NAIC members and members of the insurance industry. NAIC budgets have historically offered a high level of disclosure for a nonprofit budget. Throughout the development of the NAIC's budget, there are numerous and detailed reviews by all levels of management, the NAIC Officers, the NAIC Executive (EX) Committee, and the Internal Administration (EX1) Subcommittee. As stated in Article IV of the NAIC Bylaws, the budget is released to the public for comment before final consideration and adoption.

2024 NAIC Budget

The National Association of Insurance Commissioners' (NAIC) 2024 budget was approved on Dec. 4, 2023, following months of development by NAIC officers, the NAIC Internal Administration (EX1) Subcommittee, and the NAIC Executive (EX) Committee, as well as input from NAIC staff.

“The 2024 budget equips the NAIC to continue its support and enhance the services provided to the nation’s chief insurance regulators,” said Andrew N. Mais, NAIC President-Elect and Commissioner of the Connecticut Insurance Department. “The business of insurance and insurance regulation is evolving at a rate never seen. Whether through the introduction of emerging technologies or responding to challenges regarding the frequency of catastrophic losses, this budget will position the NAIC to further assist regulators in their invaluable efforts. By investing additional resources to enhance data availability, increase technical education, and improve various system infrastructures, the NAIC will remain in a strong position to support regulators’ mission of ensuring insurance markets remain solvent and consumers are protected.”

The NAIC's 2024 budget includes total revenues (including investment income) of $157.3 million and total expenses of $158.4 million, which represents a 6.5% increase in revenues and a 5.2% increase in expenses from the 2023 budget.

The 2024 budget includes six fiscal impact statements (fiscals):

  1. System for Electronic Rates & Forms Filing Modernization—2024 Transition Stages
    This project is in its third year of a multiyear initiative to improve the System for Electronic Rates & Forms Filing (SERFF) platform. In 2024, users will move into the platform, beginning with the Interstate Insurance Product Regulation Commission (Compact) and then life users. In 2025, property/casualty (P/C) and health will transition, followed by plan management in 2026. This fiscal includes the addition of three headcount.
  2. Enterprise Data Management—Phase III
    This fiscal continues to expand the Enterprise Data Platform by integrating additional data sets, such as State Based Systems (SBS), SERFF, and the Online Premium Tax for Insurance (OPTins) and provides regulators with systems training. This fiscal includes the addition of two headcount for dataset integration and ongoing system maintenance. 
  3. Expand NAIC Expertise—2024
    Recognizing the need for specialty skill sets in a variety of areas, this fiscal includes the addition of four headcount:
    - P/C Modeling Analyst—to assist with rising demand for rate reviews.
    - Cybersecurity Policy Advisor—to support cybersecurity and cyber insurance policy discussions with the appropriate regulatory bodies.
    - Two Center for Insurance Policy and Research (CIPR) analysts—to support data calls, dashboarding, and other research-related items.
  4. NAIC Education and Training Modernization Project
    This project expands and modernizes training and professional development programs available to insurance regulators. In addition to system modernization, the project envisions expanding offerings up to as many as 40 professional designations. This fiscal includes the addition of two headcount.
  5. IT VISION System Enhancements—2024
    This is a multiyear information technology (IT) project necessary to optimize multiple issuer and security identifiers, enhance document management, ensure the system is flexible for future business capabilities, and upgrade the security valuation platform technology utilized by the Securities Valuation Office (SVO). This fiscal includes the addition of three headcount.
  6. Uniform Certificate of Authority Application—Phase II
    This project continues development and will integrate additional applications into the Uniform Certificate of Authority Application (UCAA) platform, including corporate expansion and domestic and foreign corporate amendments. This fiscal includes the addition of one headcount.

The 2024 NAIC budget can be found on the NAIC’s About Budget page.


NAIC 2023 Budget

The NAIC adopted its 2023 Budget during the Joint Meeting of the Executive and Plenary Committees at the 2022 Fall National Meeting. The updated 2023 budget including fiscals approved during 2023 includes total revenues of $147.0 million and total expenses of $150.6 million.

Periodically the Executive (EX) Committee and the Internal Administration (EX1) Subcommittee receive funding requests for projects after the annual budget is approved. Generally, these projects are of an urgent nature to the NAIC's annual agenda or its committee structure that were either not known or not solidified at the time the annual budget was prepared. Their impact is fully described as part of the 2023 projections included within the 2024 budget proposal and the 2024 budget shown above includes these additions.

Contacts

Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.