The Financial Services Authority has a budget of £180.5m for its mainstream activities in 2002/2003, the first full-year period of full responsibility for the watchdog.
As reported in today's issue of Insurance Times, it has earmarked an extra £3m specifically for life and general insurance regulation.
This is a 15% increase on the £20m the FSA spent in the last financial year on monitoring insurance companies.
The FSA became the sole financial services industry regulator on 1 December 2001.
Its "wider" responsibilities include the direct regulation of the society of Lloyd's, managing agents at Lloyd's and professional services firms previously regulated by the Recognised Professional Bodies.
Its "deeper" responsibilities include consumer awareness and combating market abuse and financial crime.
FSA chief operating officer Paul Boyle said: "We estimate the full year incremental cost of the additional responsibilities assumed from last December will be about £9m, including assorted overheads."
He added that a wider base of fee payers would offset the effects of the additional costs on existing fee payers and help the FSA meet the costs of its wider responsibilities.
"Excluding our additional responsibilities and the additional costs for insurance regulation, our budget is 2.9% higher than 2001/2002 ..." he said.
FSA chairman Sir Howard Davies said the Plan and Budget was "the first comprehensive manifestation of the radical new approach we plan to take, including an assessment of the choices we must make in terms of where we concentrate our resources".
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
