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 The Department of Insurance contains four separate line items: Insurance Department Administration, Comprehensive Health Insurance Pool, Bail Bond Program, and Title Insurance Program. | Sources of Finance | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | General Fund | $15,324,400 | $16,725,100 | $14,194,900 | $13,623,700 | $13,438,000 | | General Fund, One-time | $1,019,900 | $0 | $1,078,100 | $72,500 | ($25,000) | | Federal Funds | $241,700 | $1,509,700 | $1,440,800 | $2,040,600 | $2,968,900 | | Dedicated Credits Revenue | $3,184,800 | $3,763,900 | $22,791,700 | $23,578,400 | $30,095,700 | | Restricted Revenue | $19,200,600 | $18,753,800 | $0 | $300,400 | $0 | | GFR - Bail Bond Surety Admin | $22,100 | $22,100 | $23,500 | $23,500 | $23,500 | | GFR - Guaranteed Asset Protection Waiver | $0 | $0 | $0 | $11,800 | $89,000 | | Beginning Nonlapsing | $22,872,400 | $29,548,500 | $32,915,000 | $32,933,000 | $28,191,700 | | Closing Nonlapsing | ($28,084,300) | ($33,327,300) | ($32,933,000) | ($28,747,800) | ($22,275,900) | | Lapsing Balance | ($2,000) | ($55,900) | ($37,000) | ($115,700) | $0 | | Total | $33,779,600 | $36,939,900 | $39,474,000 | $43,720,400 | $52,505,900 |
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| | Line Items | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Insurance Department Administration | $8,170,500 | $9,397,100 | $9,112,200 | $8,556,200 | $9,381,900 | | Comprehensive Health Insurance Pool | $25,517,900 | $27,449,200 | $30,275,400 | $35,053,700 | $43,020,300 | | Bail Bond Program | $20,100 | $18,600 | $20,900 | $22,100 | $23,500 | | Title Insurance Program | $71,100 | $75,000 | $65,500 | $88,400 | $80,200 | | Total | $33,779,600 | $36,939,900 | $39,474,000 | $43,720,400 | $52,505,900 |
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| | Categories of Expenditure | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Personnel Services | $4,992,000 | $5,759,600 | $6,247,200 | $5,885,600 | $6,463,800 | | In-state Travel | $26,200 | $38,600 | $43,200 | $29,100 | $39,100 | | Out-of-state Travel | $125,900 | $158,600 | $104,600 | $39,300 | $53,000 | | Current Expense | $27,383,300 | $29,561,300 | $31,748,200 | $36,085,700 | $44,487,700 | | DP Current Expense | $1,220,400 | $1,239,500 | $1,313,200 | $1,273,700 | $1,462,300 | | DP Capital Outlay | $28,800 | $32,500 | $8,800 | $0 | $0 | | Other Charges/Pass Thru | $3,000 | $149,800 | $8,800 | $407,000 | $0 | | Total | $33,779,600 | $36,939,900 | $39,474,000 | $43,720,400 | $52,505,900 |
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| | Other Indicators | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Budgeted FTE | 86.0 | 95.0 | 91.0 | 91.0 | 92.0 | | Vehicles | 10 | 10 | 10 | 11 | 10 |
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Subcommittee Table of Contents |