FINANCIAL SERVICES COMMISSION (Program); OFFICE OF INSURANCE REGULATION; COMPLIANCE AND ENFORCEMENT - INSURANCEGovernor's Recommendations
2022-23
Current Year Budget
2021-22
Difference
DollarsPositionsDollarsPositionsDollarsPositions
$30,271,524246.00$29,916,833244.00$354,6912.00
 

 
Policy Area:  REGULATION AND LICENSING
Issue:            OFFICE OF INSURANCE REGULATION - STAFFING RESOURCES - PROPERTY AND CASUALTY PRODUCT REVIEW

Justification
Governor's Recommendations 2022-23
The Governor's Budget Recommendation for Fiscal Year 2022-23 includes two new positions, 250,000 in Salary Rate, and $327,635 recurring Insurance Regulatory Trust Fund authority to hire two additional actuaries in the Property and Casualty Product Review unit. The Office of Insurance Regulation (OIR) is responsible for monitoring the financial condition of all regulated entities through the use of internal financial analysis and on-site examinations. Filings are reviewed to determine compliance with applicable actuarial standards, statutory provisions, and administrative rules. Additionally, OIR conducts market investigations and analyzes market trends for the fair treatment of policyholders. From 2017 to 2021, the Property and Casualty Product Review Unit has seen a 130% increase in complex personal residential filings requiring an actuarial review. During the same time, personal automobile rate filings requiring complex actuarial review have risen almost 25%. OIR requests two additional actuaries to handle the increased workload. This issue was requested in OIR's Legislative Budget Request.