Compendium of Budget Information for the 2010 General Session

Commerce & Workforce Services
Appropriations Subcommittee
Subcommittee Table of Contents

Agency: Insurance

Function

The Insurance Department protects the public by regulating insurance companies and individual agents to assure equitable and competitive business practices. The Department is divided into eleven work sections, eight of which are funded from the General Fund with the remainder funded by dedicated or restricted funds.

Activity, function and structure have been regrouped to reduce processing time, improve department efficiency, and enhance customer service. Traditionally, the department's appropriation has been considered one budget. The department's appropriation is offset by fees collected by the department which are deposited into the General Fund. Fees are collected for a variety of activities in addition to licensing of agents and brokers.

The mission of the department is to foster a healthy insurance market by promoting fair and reasonable practices that ensure available, affordable and reliable insurance products and services.

The mission of the department is accomplished by educating, serving and protecting insurance consumers, governmental agencies and all insurance industry participants at a reasonable cost. The Department cooperates with and serve state and other governmental agencies in fulfilling their responsibilities.

Statutory Authority

The general and specific authority to regulate all aspects of the insurance industry in Utah are found in the Utah Code Annotated Title 31A, chapters 1 through 37.

Funding Detail

Sources of Finance
2006
Actual
2007
Actual
2008
Actual
2009
Actual
2010
Approp
General Fund $10,858,500 $15,324,400 $16,725,100 $14,194,900 $13,623,700
General Fund, One-time $10,000,000 $1,019,900 $0 $1,078,100 $230,000
Federal Funds $1,395,400 $241,700 $1,509,700 $1,440,800 $865,000
Dedicated Credits Revenue $3,051,200 $3,184,800 $3,763,900 $22,791,700 $30,293,300
Restricted Revenue $17,581,800 $19,200,600 $18,753,800 $0 $0
GFR - Bail Bond Surety Admin $22,100 $22,100 $22,100 $23,500 $23,500
Beginning Nonlapsing $9,763,400 $22,872,400 $29,548,500 $32,915,000 $34,165,800
Closing Nonlapsing ($21,764,500) ($28,084,300) ($33,327,300) ($32,933,000) ($32,247,400)
Lapsing Balance ($1,400) ($2,000) ($55,900) ($37,000) $0
Total
$30,906,500
$33,779,600
$36,939,900
$39,474,000
$46,953,900
 
Line Items
2006
Actual
2007
Actual
2008
Actual
2009
Actual
2010
Approp
Insurance Department Administration $6,932,800 $8,170,500 $9,397,100 $9,112,200 $10,066,200
Comprehensive Health Insurance Pool $23,891,000 $25,517,900 $27,449,200 $30,275,400 $36,786,100
Bail Bond Program $20,700 $20,100 $18,600 $20,900 $23,500
Title Insurance Program $62,000 $71,100 $75,000 $65,500 $78,100
Total
$30,906,500
$33,779,600
$36,939,900
$39,474,000
$46,953,900
 
Categories of Expenditure
2006
Actual
2007
Actual
2008
Actual
2009
Actual
2010
Approp
Personnel Services $4,688,100 $4,992,000 $5,759,600 $6,247,200 $6,311,000
In-state Travel $13,300 $26,200 $38,600 $43,200 $47,000
Out-of-state Travel $117,200 $125,900 $158,600 $104,600 $139,900
Current Expense $25,436,200 $27,383,300 $29,561,300 $31,748,200 $39,578,300
DP Current Expense $354,700 $1,220,400 $1,239,500 $1,313,200 $877,700
DP Capital Outlay $157,500 $28,800 $32,500 $8,800 $0
Capital Outlay $19,000 $0 $0 $0 $0
Other Charges/Pass Thru $120,500 $3,000 $149,800 $8,800 $0
Total
$30,906,500
$33,779,600
$36,939,900
$39,474,000
$46,953,900
 
Other Indicators
2006
Actual
2007
Actual
2008
Actual
2009
Actual
2010
Approp
Budgeted FTE 81.0 86.0 95.0 91.0 91.0
Vehicles 9 10 10 10 10






Subcommittee Table of Contents