BUDGET GETS TWO THUMBS UP

The National Association of Insurance Commissioners’ (NAIC) Internal Administration Subcommittee approved the association’s budget for 2001 following a public hearing Nov. 6. The budget will be considered by the full NAIC membership during the Winter National Meeting in Boston in December. During the hearing, five interested parties presented their issues and concerns regarding the proposed 2001 budget. Comments from the interested parties focused on the Securities Valuation Office (SVO) reorganization and the revenues and expenses of NAIC meetings. Also discussed was that NAIC staff could be more mindful of registrants’ needs for documents, materials and minutes in conjunction with national meetings. The proposed budget calls for projected revenue of $47.9 million, a 3.3 percent increase. Proposed spending in the 2001 budget is $46.9 million, a 2.8 percent increase next year over current spending.