The Division of Banking, Insurance and Financial Regulation told the committee it was granted reaccreditation by the National Association of Insurance Commissioners (NAIC) for a five‑year period after an accreditation review component was presented at the NAIC national meeting.

Director Glendina Matthew told senators the division collected $34,546,404 in FY2024 and, as of June 30, 2025, has collected $28,610,176.98 across its funds (banking and insurance fund, financial services fund, and money‑transmission fund). The division projects $39,415,000 in collections for FY2026, including $3,780,000 in money transmission fees tied to Act Number 89‑36, which established a 3% fee on many outbound money transmissions.

Matthew said Avenue Connect, the division’s unclaimed‑property digital platform launched April 2, 2024, has facilitated the return of $1,002,044 to 251 residents as of June 30, 2025. She also noted the division received a 2025 compliance award from the Unclaimed Property Professionals Organization (UPPO) for implementation of the platform.

The division reported participation in a multistate NASAA settlement that yielded $321,000 for securities enforcement and said it will continue multistate enforcement participation and examinations of state‑registered investment advisers using the NASAA NEEMO examination model system.

The division told the committee staffing shortages remain a constraint: specialized accounting and financial examiner positions are vacant and difficult to recruit for at current salary levels. Senators pressed whether pay scales could be adjusted to attract qualified candidates; the division said salary competition with other agencies remains the primary hiring challenge.