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 public comment period. During this public comment period, 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 2017 Budget
The 2017 Annual Budget process began in the summer of 2016 with a proposal from the Executive Director working with the NAIC Finance Department. After a vote of the members of the Management Committee, the Management Committee exposed the proposed budget as recommended by the Finance Committee for a public comment period with the intent of adopting the 2017 Annual Budget during an in-person joint meeting of the Management Committee and Commission in November. The Commission adopted the 2017 Annual Budget during the December 9th joint meeting of the Management Committee and Commission. The 2017 budget proposes revenues and expenses of approximately $2.19 million and $2.19 million, respectively. Please note the budget assumes the Commission will not hold an in-person meeting in conjunction with the 2017 NAIC Fall National Meeting.
The 2017 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 receives self-generated revenue from Compact filing fees. The operations are anticipated 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 Senior Operations Manager, will stand ready to make additional recommendations throughout the year as the financial progress of the IIPRC is evaluated.
IIPRC 2016 Budget
The IIPRC Management Committee exposed the 2016 Annual Budget for a public comment period in November 2015. The 2016 Annual Budget was approved by the Management Committee and Commission on November 18, 2015.
Should you have any questions about the IIPRC budget, please feel free to contact the IIPRC Office.