NAIC Releases 2021 Staffing Fiscal for Public Comment
The National Association of Insurance Commissioners (NAIC) announced today it has released for public comment one fiscal impact statement related to its 2021 budget for a one-week exposure period. This fiscal was approved for exposure by the NAIC Internal Administration (EX1) Subcommittee and the NAIC Executive (EX) Committee during a joint meeting held today, Oct. 12, 2021.
The fiscal requests four new headcount. Three of the positions convert long-term contingent positions to full-time staff, thereby saving professional services expenses and bringing much-needed knowledge and skills in-house on a permanent basis. The fourth request is a new actuarial position needed to handle critical responsibilities related to principle-based reserving (PBR) work.
A complete copy of the fiscal can be found by clicking here. Written comments or questions should be addressed to the NAIC and forwarded to the attention of Jim Woody, jwoody@naic.org, no later than Oct. 20, 2021.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) 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 NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.