Insurance Department
skip breadcrumbs| All amounts are in dollars |
| Category | Available 2007-08 |
Appropriations Recommended 2008-09 |
Change From 2007-08 |
Reappropriations Recommended 2008-09 |
|---|---|---|---|---|
| State Operations | 300,182,000 | 316,337,000 | 16,155,000 | 0 |
| Aid To Localities | 0 | 1,036,000 | 1,036,000 | 0 |
| Total | 300,182,000 | 317,373,000 | 17,191,000 | 0 |
| Full-Time Equivalent Positions (FTE) |
| Program | 2007-08 Estimated FTEs 03/31/08 |
2008-09 Estimated FTEs 03/31/09 |
FTE Change |
|---|---|---|---|
| Administration | |||
| Special Revenue Funds - Other | 131 | 131 | 0 |
| Consumer Services | |||
| Special Revenue Funds - Other | 153 | 153 | 0 |
| Regulation | |||
| General Fund | 9 | 12 | 3 |
| Special Revenue Funds - Other | 651 | 672 | 21 |
| Total | 944 | 968 | 24 |
Note: Most recent estimates as of 01/22/08.
Mission
The Insurance Department, which was established in 1860, is charged with regulating the insurance industry and with balancing the interests of insurance consumers, companies and producers. Specific statutory responsibilities include: approving the formation, consolidation or merger of insurance organizations and all new insurance products, monitoring the financial stability of insurers, overseeing the testing and licensing of agents, adjusters, consultants and insurance intermediaries and disciplining licensees who violate the Insurance Law or regulations.
Budget Highlights
The Executive Budget recommends $317.4 million All Funds ($100 million General Fund; $217.4 million Other Funds) for the Insurance Department. This is an increase of $17.2 million All Funds ($18 million Special Revenue Other Funds, $150,000 Federal Funds) from the 2007-08 budget. This net change primarily reflects an initiative to fund the Department of Health's Enhanced Newborn Screening program, growth in personal services costs, and additional lease costs for office space.
The Executive Budget recommends a staffing level of 968 FTEs for the Insurance Department, an increase of 24 FTEs from the 2007-08 budget. The additional staff comprises new hires for administration of Timothy's Law, the Governor's “Partnership for Coverage” Initiative, and the Commission to Modernize the Regulation of Financial Services.
Major budget actions include:
- Newborn Screening: This program at the Department of Health performs more than 11 million tests annually for more than 40 congenital diseases and the human immunodeficiency virus (HIV) which causes Acquired Immune Deficiency Syndrome (AIDS). The tests are conducted on the quarter of a million babies born each year in the State and allow for early medical intervention to improve the health of infants born with such conditions.
- Governor's “Partnership for Coverage”: This initiative is based on a building-block approach that ensures access to affordable, high quality medical care for New Yorkers by streamlining access and increasing enrollment in public health insurance programs like Medicaid, Child Health Plus, Family Health Plus and Healthy NY.
- Commission to Modernize the Regulation of Financial Services: The Commission is charged with identifying ways in which State financial regulations could be integrated, rationalized, and modified to promote economic innovation, protect consumers, and enhance New York's stature as a world financial capital.
The Insurance Department is funded by State tax dollars from the General Fund; assessments on New York State based insurance carriers, and company examination fees. These monies fully support the operations of the Department as well as insurance-related operations in other agencies.
The Executive Budget also includes a $100 million General Fund appropriation for the Department to finance provisions of “Timothy's Law” which was enacted in late 2006. Under this statute's provisions, the State is required to fully reimburse employers with 50 or fewer employees for the costs associated with providing broad-based mental health insurance coverage.
2008-09 Executive Budget — Agency Presentation
Insurance Department (PDF)