WASHINGTON (Oct. 27, 2023)
VsportV体育 Initiates 2024 Budget Approval Process
The VsportV体育 (VsportV体育) has released its proposed 2024 budget following months of development by VsportV体育 officers, the VsportV体育 Internal Administration (EX1) Subcommittee, and the VsportV体育 Executive (EX) Committee, as well as input from VsportV体育 staff.
鈥淭he 2024 budget equips the VsportV体育 to continue its support and enhance the services provided to the nation鈥檚 chief insurance regulators,鈥 said Andrew N. Mais, VsportV体育 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 VsportV体育 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 VsportV体育 will remain in a strong position to support regulators鈥 mission of ensuring insurance markets remain solvent and consumers are protected.鈥
The VsportV体育'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 VsportV体育 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. VsportV体育 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 VsportV体育 budget can be found on the VsportV体育鈥檚 About Budget page.
Proposed VsportV体育 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 VsportV体育 website as soon as they are available.
About the VsportV体育
As part of our state-based system of insurance regulation in the United States, the VsportV体育 (VsportV体育) 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 VsportV体育, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. VsportV体育 staff supports these efforts and represents the collective views of state regulators domestically and internationally.