NAIC Releases 2016 Insurance Department Resources Report – Volume One
Jun 29, 2017
Contains Key Statistics on State Insurance Department Resources and Regulatory Activities
The National Association of Insurance Commissioners (“NAIC”) released the first volume of the 30th edition of the Insurance Department Resources Report (“IDRR”) today, June 29, 2017, to help state insurance departments assess their resources in comparison to other states.
The report details how state insurance departments manage available resources to effectively regulate an increasingly complex and competitive industry.
Developed through an extensive survey of the NAIC member states, Volume One of the IDRR is organized into five sections:
Staffing; Budget and Funding; Examination and Oversight; Insurance Producers; and Consumer Services and Anti-fraud.
An overview of the findings in Volume One includes:
- California reported the largest 2018 budget, which is $51.4 million greater than the second-largest 2018 budget (New York).
- Total taxes collected increased by 5.0 percent.
- There were 5,977 domestic U.S. insurers in 2016.
- State insurance departments received more than 300,000 official complaints and nearly 1.9 million inquiries.
As well as being a key assessment tool for state insurance departments, the IDRR is a reference for state legislators, other financial regulators and public policymakers.
The second volume, to be released in August, will include information on premium volume by type and by state.
To access the report, click here.
Should you have any questions or comments, please contact Colodny Fass.
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