The National Association of Insurance Commissioners (“NAIC”) has released the first volume of the thirty-second edition of the Insurance Department Resources Report (“IDRR”). The report provides information about insurance department resources and how they are managed.
The NAIC pointed out that this volume of the IDRR is organized into five sections: staffing, budget and funding, examination and oversight, insurance producers, and consumer services and antifraud. The NAIC said that the IDRR “serves as an assessment tool” for state insurance departments and a reference for state legislators, other financial regulators, and public policymakers.
Findings in the first volume included:
- There were 5,965 domestic U.S. insurers in 2018.
- State insurance departments received nearly 290,000 official complaints and more than 1.6 million inquiries.
- Licensed resident producers numbered nearly 2.2 million individuals and 228,393 entities. Non-resident producers consisted of nearly 6.6 million individuals and 456,908 entities.
The second volume, which will be released in late Summer, will include information on premium volume by type and by state.
Learn more: www.naic.org.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].