REVENUE AND REGULATION
GOVERNOR'S RECOMMENDED FY 2007 BUDGET
0263 Insurance

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 2004
ACTUAL
FY 2005
BUDGETED
FY 2006
REQUESTED
FY 2007
GOVERNOR'S RECOMMENDED
FY 2007
RECOMMENDED INC/(DEC)
FY 2007
FUNDING SOURCE:
   General Funds $0 $0 $0 $0 $0 $0
   Federal Funds 0 0 0 0 0 0
   Other Funds 1,641,548 1,571,710 1,714,026 1,714,026 1,770,124 56,098
      Total $1,641,548 $1,571,710 $1,714,026 $1,714,026 $1,770,124 $56,098
 
EXPENDITURE DETAIL:
   Personal Services $1,187,801 $1,240,819 $1,313,861 $1,313,861 $1,369,959 $56,098
   Operating Expenses 453,747 330,891 400,165 400,165 400,165 0
      Total $1,641,548 $1,571,710 $1,714,026 $1,714,026 $1,770,124 $56,098
 
Staffing Level FTE: 27.1 27.9 28.5 28.5 28.5 0.0

  ACTUAL
FY 2004

ACTUAL
FY 2005

ESTIMATED
FY 2006

ESTIMATED
FY 2007

REVENUES:  
   Taxes Collected (General Fund) $51,105,292 $55,166,528 $55,000,000 $55,000,000
   Fees (Insurance Operating Fund): 0 0 0 0
   Admission 76,169 85,695 85,000 85,000
   Company Renewal 82,495 79,900 80,000 80,000
   Agent Licensing/Renewal 3,898,952 3,964,580 3,900,000 3,960,000
   Exam Fees 13,690 12,050 12,000 12,000
   Miscellaneous and Legal 12,237 19,023 14,000 14,000
   Retaliatory/Filing 762,630 863,812 850,000 850,000
   Administrative Penalties 50,428 151,405 70,000 70,000
   Lists and Labels 5,605 5,970 5,000 5,000
   Certification Letters 32,175 27,460 28,000 28,000
   Investment Council Interest 37,252 19,406 19,000 19,000
   Course Approval 21,975 21,275 21,500 21,500
   Subsequent Injury Fund: 0 0 0 0
   Sub-Injury Fund Assessment 5,124,227 7,555,804 5,000,000 5,000,000
   Investment Council Interest 39,661 33,150 33,000 33,000
   Continuing Education Fund: 0 0 0 0
   Agent Renewal Fees (Biennial renewal) 43,565 570 44,000 0
   Investment Council Interest 2,499 1,341 1,300 1,300
   Special Collections for Workers Comp 0 0 0 0
   Policy Fee (Transferred to Dept. of Labor) 178,026 253,463 220,000 220,000
   Examination Fund (Effective 7-1-97) 420,300 418,800 420,000 420,000
   Investment Council Interest 42,773 19,567 20,000 20,000
      
Total

$61,949,951

$68,699,799

$65,822,800

$65,838,800
PERFORMANCE INDICATORS:  
   Total Licensed/Domestic Companies 1,412/48 1,373/47 1,400/45 1,420/45
   Companies Licensed/Approved Mergers 26 25 30 30
   Agent Licenses Issued 9,863 9,461 9,500 9,500
   Transfer to General Fund (SDCL 4-4-4.4) $2,879,940 $3,323,695 $3,000,000 $3,000,000

generated 11/29/05 12:38:12 PM