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 2007	ACTUAL FY 2008	BUDGETED FY 2009	REQUESTED FY 2010	GOVERNOR'S RECOMMENDED FY 2010	RECOMMENDED INC/(DEC) FY 2010
FUNDING SOURCE:
General Funds	$0	$0	$0	$0	$0	$0
Federal Funds	0	0	0	0	0	0
Other Funds	1,564,967	1,665,408	1,816,586	1,816,586	1,846,934	30,348
Total	$1,564,967	$1,665,408	$1,816,586	$1,816,586	$1,846,934	$30,348
EXPENDITURE DETAIL:
Personal Services	$1,258,804	$1,374,866	$1,451,421	$1,451,421	$1,481,769	$30,348
Operating Expenses	306,162	290,541	365,165	365,165	365,165	0
Total	$1,564,967	$1,665,408	$1,816,586	$1,816,586	$1,846,934	$30,348
Staffing Level FTE:	27.0	27.6	28.0	28.0	28.0	0.0

	ACTUAL FY 2007	ACTUAL FY 2008	ESTIMATED FY 2009	ESTIMATED FY 2010
REVENUES:
Taxes Collected (General Fund)	$56,896,704	$60,103,206	$62,000,000	$63,000,000
Fees (Insurance Operating Fund):	0	0	0	0
Admission	70,010	79,657	80,500	81,000
Company Renewal	89,345	83,170	83,500	83,500
Agent Licensing/Renewal	7,273,884	5,615,790	5,620,000	5,620,000
Exam Fees	13,240	12,710	12,500	12,500
Miscellaneous and Legal	29,708	9,330	9,330	9,330
Retaliatory/Filing	631,451	961,057	700,000	700,000
Administrative Penalties	23,860	38,251	25,000	25,000
Lists and Labels	5,020	5,270	5,200	5,200
Certification Letters	6,025	6,650	6,600	6,600
Investment Council Interest	12,578	34,474	22,000	22,000
Course Approval	22,750	25,255	25,000	25,000
Subsequent Injury Fund:	0	0	0	0
Sub-Injury Fund Assessment	5,311,871	5,447,724	5,000,000	5,000,000
Investment Council Interest	32,591	52,476	40,000	40,000
Continuing Education Fund:	0	0	0	0
Agent Renewal Fees (Biennial renewal)	20	93,100	0	93,100
Investment Council Interest	0	0	0	0
Special Collections for Workers Comp	0	0	0	0
Policy Fee (Transferred to Dept. of Labor)	263,179	259,907	260,000	260,000
Examination Fund (Effective 7-1-97)	418,200	416,100	416,000	416,000
Investment Council Interest	6,258	10,068	8,500	8,500
Total	$71,106,694	$73,254,195	$74,314,130	$75,407,730
PERFORMANCE INDICATORS:
Total Licensed/Domestic Companies	1,423/45	1,421/45	1,425/46	1,430/48
Companies Licensed/Approved Mergers	50	52	55	60
Agent Licenses Issued	13,518	15,827	16,500	18,000
Transfer to General Fund (SDCL 4-4-4.4)	$6,145,864	$4,772,651	$4,800,000	$4,800,000

generated 11/24/08 10:39:01 AM