About
Budget
Building Trust Through Transparency
The 杏吧视频 (杏吧视频) is committed to transparency in both its budgeting process and overall operations.
The annual budget process is an open and deliberative process among the 杏吧视频 members and members of the insurance industry. 杏吧视频 budgets have historically offered a high level of disclosure for a nonprofit budget. Throughout the development of the 杏吧视频's budget, there are numerous and detailed reviews by all levels of management, the 杏吧视频 Officers, the 杏吧视频 Executive (EX) Committee, and the Internal Administration (EX1) Subcommittee. As stated in Article IV of the 杏吧视频 Bylaws, the budget is released to the public for comment before final consideration and adoption.
Proposed 2026 Budget
The 杏吧视频 (杏吧视频) has released its proposed 2026 budget following months of development by 杏吧视频 Officers, the 杏吧视频 Internal Administration (EX1) Subcommittee, and the 杏吧视频 Executive (EX) Committee, as well as input from the 杏吧视频鈥檚 Chief Executive Officer and other senior leaders.
鈥淎s the insurance landscape continues to accelerate in scale and unprecedented change, our objective is clear: to sustain a stable, forward-thinking regulatory framework,鈥 said Scott A. White, 杏吧视频 President-Elect and Virginia Insurance Commissioner. 鈥淭he 杏吧视频鈥檚 2026 budget reflects a deliberate and ongoing investment in the tools and technology regulators need to carry out effective oversight and respond to emerging risks. By reinforcing our commitment to data-driven supervision, consumer protection, and purposeful coordination, this budget strengthens our ability to adapt in a dynamic environment. These resources are essential to maintaining strong insurance markets, protecting policyholders, and upholding the integrity of the state-based system.鈥
The 杏吧视频's proposed 2026 budget includes total revenues (including investment income) of $178.8 million and total expenses of $186.3 million, which represents a 7.1% increase in revenues and a 6.3% increase in expenses from the 2025 budget.
The proposed 2026 budget includes five fiscal impact statements (fiscals):
This fiscal supports continued work on the centralized data portal, migration of legacy application data to the data portal, and development of the next phase of redesigned solvency tools to modernize quarterly financial analysis. This initiative improves access to information, strengthens regulatory analysis capabilities, and enables more consistent, year-round financial oversight of insurers.
Entering its fifth year, this multi-year initiative modernizes the electronic rates and forms filing system. This fiscal supports its continuation, as 10 jurisdictions will begin transitioning in the first quarter of 2026, with 10 to 15 additional jurisdictions to be implemented by the end of 2026. This initiative leverages new technological developments in document management, workflows, and artificial intelligence.
This fiscal enables full-scale implementation of a modernized financial data system. The initiative will enhance the accessibility and usability of financial data for regulators, internal teams, and external stakeholders, enabling faster and more informed decision-making.
Funding will support external consultants for three implementations in 2026. Resources will help manage increased workload, ensure timely project delivery, and maintain ongoing support for existing jurisdictions.
Recognizing the need for additional regulatory and operational support, this fiscal includes the addition of several headcount in regulatory support and operational areas, partially offset by the displacement of five consultants.
Proposed 2026 Budget Resources
Proposed Budget Meetings
A budget briefing is scheduled for Thursday, Oct. 30, 2025, 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 ahead of the comment deadline, which is at 12:00 p.m. CT on November 14, 2025.
Participants must to participate in this briefing. Participants will receive virtual access information upon registration.
A public hearing is scheduled for Nov. 24, 2025. Written comments on the proposed budget must be submitted to Carol Thompson and Jim Pinegar at cthompson@naic.org and jpinegar@naic.org by 12:00 p.m. CT on Nov. 14, 2025. Full details for the public hearing will be posted on the 杏吧视频 website as soon as they are available.
2025 Budget
The 杏吧视频 adopted its 2025 Budget during a Joint Meeting of the Executive and Plenary Committees on December 18, 2024.
Periodically the Executive (EX) Committee and the Internal Administration (EX1) Subcommittee receive funding requests for projects after the annual budget is approved. Generally, these projects are of an urgent nature to the 杏吧视频's annual agenda or its committee structure that were either not known or not solidified at the time the annual budget was prepared. Their impact is included as part of the 2025 projection and budget included within the 2026 budget proposal. The updated 2024 budget includes total revenues (including investment income) of $167.0 million and total expenses of $175.2 million.
2025 Budget Resources
Contacts
Media queries should be directed to the Communications Division at 816-783-8909 or news@naic.org.