The National Association of Insurance Commissioners (“NAIC”) has released the first volume of the 30th edition of the Insurance Department Resources Report (“IDRR”).
The report details how state insurance departments manage available resources to regulate the industry.
Developed through a survey of the NAIC member states, this volume of the IDRR is organized into five sections: staffing; budget and funding; examination and oversight; insurance producers; and consumer services and antifraud.
Among the highlights in this volume:
- California reported the largest 2018 budget — $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.
The second volume, to be released in August, will include information on premium volume by type and by state.
Learn more: www.naic.org.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].