WASHINGTON (Oct. 27, 2023)
91传媒 Initiates 2024 Budget Approval Process
The 91传媒 (91传媒) has released its proposed 2024 budget following months of development by 91传媒 officers, the 91传媒 Internal Administration (EX1) Subcommittee, and the 91传媒 Executive (EX) Committee, as well as input from 91传媒 staff.
鈥淭he 2024 budget equips the 91传媒 to continue its support and enhance the services provided to the nation鈥檚 chief insurance regulators,鈥 said Andrew N. Mais, 91传媒 President-Elect and Commissioner of the Connecticut Insurance Department. 鈥淭he 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 91传媒 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 91传媒 will remain in a strong position to support regulators鈥 mission of ensuring insurance markets remain solvent and consumers are protected.鈥
The 91传媒's proposed 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 proposed 2024 budget includes six fiscal impact statements (fiscals):
1. System for Electronic Rates & Forms Filing Modernization鈥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鈥擯hase 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 91传媒 Expertise鈥2024
Recognizing the need for specialty skill sets in a variety of areas, this fiscal includes the addition of four headcount:
鈥 P/C Modeling Analyst鈥攖o assist with rising demand for rate reviews.
鈥 Cybersecurity Policy Advisor鈥攖o support cybersecurity and cyber insurance policy discussions with the appropriate regulatory bodies.
鈥 Two Center for Insurance Policy and Research (CIPR) analysts鈥攖o support data calls, dashboarding, and other research-related items.
4. 91传媒 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鈥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鈥擯hase 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 proposed 2024 91传媒 budget can be found on the 91传媒鈥檚 91传媒 Budget page.
Proposed 91传媒 2024 Budget Briefing With Interested Parties
A budget briefing is scheduled for Wednesday, Nov. 1, 2023, at 3:00 p.m. ET/2:00 p.m. CT/1:00 p.m. MT/12:00 p.m. PT. The purpose of this briefing is to provide an overview of the proposed budget in advance of the Nov. 17, 2023, comment deadline.
Participants must to participate in this briefing. Participants will receive WebEx information upon registration.
Public Hearing
A public hearing will be scheduled in late November/early December. Written comments on the proposed budget are due to Jim Woody at jwoody@naic.org by Nov. 17, 2023. Details for the public hearing will be posted on the 91传媒 website as soon as they are available.
91传媒 the 91传媒
As part of our state-based system of insurance regulation in the United States, the 91传媒 (91传媒) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the 91传媒, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. 91传媒 staff supports these efforts and represents the collective views of state regulators domestically and internationally.