The Interstate Insurance Product Regulation Commission (IIPRC) annual budget process is an open process with participation by IIPRC Members and all interested parties, including the Legislative Committee and the Industry and Consumer Advisory Committees. The IIPRC Executive Director is charged with drafting an annual proposed budget for review by the IIPRC membership. Throughout the development of the IIPRC's budget, there are numerous and rigorous reviews conducted by the IIPRC Office in consultation with the National Association of Insurance Commissioners (NAIC) Finance Department which provides accounting and financial services under the IIPRC - NAIC Services Agreement. The IIPRC Officers and the IIPRC Finance Committee review and agree upon a final proposed budget which is then recommended to the Management Committee for a 30-day public comment period. During this 30-day exposure, all interested parties may review and submit comments regarding the proposed IIPRC Annual Budget. The final Budget is then the subject of a majority vote by both the Management Committee and the full Commission before it is accepted and implemented by the IIPRC Office.
IIPRC 2012 Budget
The 2012 Annual Budget process began in late spring 2011 with a proposal from the Executive Director working with the NAIC Finance Department. During the September 26th joint meeting of the Management Committee and Commission, the Finance Committee recommended to the Management Committee that the proposed budget be exposed for a 30-day comment period with the intent of adopting the 2012 Annual Budget during the Annual Meeting in November. The Management Committee approved the 2012 Annual Budget and the Commission adopted the 2012 Annual Budget during the Joint Meeting of the Management Committee and Commission held on November 2, 2011 in Washington, DC,.
The 2012 budget proposes revenues and expenses of approximately $1.3 million and $1.7 million, respectively.
The 2012 Annual Budget represents the fact that the Compact continues to grow its operations. There has been great success with the Compact's product review operations, and the Compact has had some self-generated revenue from Compact filing fees. However, the operations need to continue to grow, and this Budget reflects that fact.
The Finance Committee will continue to assess the IIPRC budgetary needs on a quarterly basis as we move through the operational year. As is the nature of the organization, the financial needs and considerations of the IIPRC will evolve. The IIPRC Officers and Finance Committee, along with the IIPRC Executive Director and Operations Manager, will stand ready to make additional recommendations throughout the year as the financial progress of the IIPRC is evaluated.
IIPRC 2011 Budget
The IIPRC Management Committee exposed the 2011 Annual Budget for a 30-day public comment period during the August 2011 in-person joint meeting of the Management Committee and Commission. The Management Committee held a public hearing on the 2011 Annual Budget during the October Annual Meeting. The 2011 Annual Budget was approved by the Management Committee immediately following the hearing; and then the full Commission adopted the 2011 budget during the Annual Meeting of the IIPRC in October 2011 in Orlando, FL.
Should you have any questions about the IIPRC budget, please feel free to contact the IIPRC Office. |
