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KANSAS CITY, Mo. (Nov. 6, 2007) -- The National Association of Insurance Commissioners (NAIC) held a public hearing today on its proposed 2008 budget.¡°Today¡¯s hearing represents an important part of

KANSAS CITY, Mo. (Nov. 6, 2007) --- The National Association of Insurance Commissioners (NAIC) held a public hearing today on its proposed 2008 budget.

''Today's hearing represents an important part of our budget process, and we thank everyone for their active participation and constructive comments,'' said NAIC President-Elect and Kansas Insurance Commissioner Sandy Praeger. ''Even though the development of our annual budget occurs during a defined period each year, it reflects an ongoing dialogue and aims to respond to concerns we've heard over time.''

The NAIC received comments from the American Council of Life Insurers, the American Insurance Association, the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America. Comments centered on the NAIC's operating reserve policy, budget growth, database filing fees, Securities Valuation Office issues and international activities.

''I was pleased to hear so many positive comments about the budget and the review process itself,'' said NAIC Executive Vice President and CEO Catherine J. Weatherford. ''Clearly, our continued efforts to increase the openness and transparency of the process are worthwhile ¡ª helping us craft a budget that is appropriate and necessary to the work of the NAIC.''

In a meeting following the hearing, the NAIC's Internal Administration (EX1) Subcommittee advanced the proposed budget, which now awaits approval from the full NAIC membership during the Winter National Meeting, Dec. 2 ¨C 4, 2007, in Houston.
For more information about the 2008 budget, including a copy of the NAIC's written response to comments received in advance of the public hearing.

About the NAIC

Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC¡¯s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace