MISSION:
To review insurance company forms and rates for compliance with the law; to regulate insurance sales practices by investigating all inquiries and complaints; to license insurance producers and corporations; to issue and renew agent appointments; to register utilization review organizations; to approve and monitor managed care plans and utilization review organizations' compliance with grievance procedures; to examine domestic insurance companies and foreign insurance companies doing business in South Dakota; to assist consumers in recovering disputed claims and premium refunds; to issue interpretive opinions on the state's insurance laws; to administer the collection and auditing of premium taxes and fees; to administer the state insurance agent continuing education program; to administer the subsequent injury fund; and, to administer the Insurance Fraud Prevention Unit.

	ACTUAL FY 2002	ACTUAL FY 2003	BUDGETED FY 2004	REQUESTED FY 2005	GOVERNOR'S RECOMMENDED FY 2005	RECOMMENDED INC/(DEC) FY 2005
FUNDING SOURCE:
General Funds	$0	$0	$0	$0	$0	$0
Federal Funds	0	0	0	0	0	0
Other Funds	1,567,862	1,467,719	1,713,328	1,669,982	1,669,982	(43,346)
Total	$1,567,862	$1,467,719	$1,713,328	$1,669,982	$1,669,982	($43,346)
EXPENDITURE DETAIL:
Personal Services	$1,074,570	$1,108,579	$1,277,164	$1,277,671	$1,277,671	$507
Operating Expenses	493,292	359,139	436,164	392,311	392,311	(43,853)
Total	$1,567,862	$1,467,719	$1,713,328	$1,669,982	$1,669,982	($43,346)
Staffing Level FTE:	26.3	26.3	28.5	28.5	28.5	0.0

	ACTUAL FY 2002	ACTUAL FY 2003	ESTIMATED FY 2004	ESTIMATED FY 2005
REVENUES:
Taxes Collected (General Fund)	$46,237,017	$49,838,203	$52,023,000	$54,600,000
Fees (Insurance Operating Fund):	0	0	0	0
Admission	40,582	67,788	68,000	68,000
Company Renewal	86,015	83,495	83,500	83,500
Agent Licensing/Renewal	3,444,361	3,826,934	3,827,000	3,827,000
Miscellaneous and Legal	30,264	10,362	10,000	10,000
Retaliatory/Filing	608,197	632,977	900,000	900,000
Administrative Penalties	166,053	190,000	190,000	190,000
Lists and Labels	4,600	4,315	4,300	4,300
Certification Letters	38,880	42,300	42,300	42,300
Investment Council Interest	42,865	36,157	37,000	37,000
Course Approval	23,525	22,190	22,500	22,500
Subsequent Injury Fund:	0	0	0	0
Sub-Injury Fund Assessment	2,592,915	7,544,793	6,000,000	5,500,000
Investment Council Interest	124,510	51,759	52,000	52,000
Continuing Education Fund:	0	0	0	0
Agent Renewal Fees	42,195	44,620	44,500	44,500
Investment Council Interest	3,990	3,185	3,200	3,200
Special Collections for Workers Comp	0	0	0	0
Policy Fee (Transferred to Dept. of Labor)	227,548	235,897	236,000	236,000
Examination Fund (Effective 7-1-97)	442,800	444,000	444,000	444,000
Investment Council Interest	41,795	47,969	48,000	48,000
Total	$54,198,112	$63,126,944	$64,035,300	$66,112,300
PERFORMANCE INDICATORS:
Total Licensed/Domestic Companies	1,470/50	1,438/50	1,425/50	1,425/50
Companies Licensed/Approved Mergers	40	21	20	20
Agent Licenses Issued	9,804	10,486	10,000	10,000
Transfer to General Fund (SDCL 4-4-4.4)	$2,947,715	$3,456,760	$3,625,000	$3,810,000

generated 12/01/03 10:08:45 AM