Insurance Department
skip breadcrumbs| Category | Available 2008-09 |
Appropriations Recommended 2009-10 |
Change From 2008-09 |
Reappropriations Recommended 2009-10 |
|---|---|---|---|---|
| State Operations | 324,280,000 | 230,564,000 | -93,716,000 | 150,000 |
| Aid To Localities | 26,021,000 | 311,510,900 | 285,489,900 | 0 |
| Total | 350,301,000 | 542,074,900 | 191,773,900 | 150,000 |
| Program | 2008-09 Estimated FTEs 03/31/09 |
2009-10 Estimated FTEs 03/31/10 |
FTE Change |
|---|---|---|---|
| Administration | |||
| Special Revenue Funds - Other | 131 | 131 | 0 |
| Consumer Services | |||
| Special Revenue Funds - Other | 153 | 153 | 0 |
| Regulation | |||
| General Fund | 12 | 0 | -12 |
| Special Revenue Funds - Other | 641 | 641 | 0 |
| Total | 937 | 925 | -12 |
Note: Most recent estimates as of 12/16/08.
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 $542 million All Funds ($542 million Other Funds) for the Insurance Department. This is an increase of $192 million All Funds ($292 million Special Revenue Other Funds, offset by a decrease of $100 million in General Fund) from the 2008-09 budget. This change primarily reflects proposals to shift funding for Timothy’s Law and certain public health programs from the General Fund to the insurance industry assessment.
The Executive Budget recommends a staffing level of 925 FTEs for the Insurance Department, a decrease of 12 FTEs from the 2008-09 budget. This decrease is attributed to the impact of the statewide hiring freeze implemented by the Executive in July of 2008 and the conclusion of the Commission to Modernize the Regulation of Financial Services and the Universal Health Care Task Forces.
The Insurance Department is funded by 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.
2009-10 Executive Budget — Agency Presentation
Insurance Department (PDF)