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NAIC Passes Budget, With Travel Outlay Up Nearly 500%

Among items noted by the Property Casualty Insurers Association of America (PCI) was a 486 percent budget increase for commissioner travel--which jumped from $156,000 to $760,000. PCI said this repres

By Daniel Hays | Updated on December 09, 2008

The National Association of Insurance Commissioners has adopted a $73.1 million budget that drew criticism from an insurance trade group for excessive spending on travel and other items.

Among items noted by the Property Casualty Insurers Association of America (PCI) was a 486 percent budget increase for commissioner travel–which jumped from $156,000 to $760,000. PCI said this represented an increase of 231 percent between projected 2008 actual commissioner travel and the 2009 budget.

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