NAIC Releases 2012 Insurance Department Resources Report – Volume Two

WASHINGTON, Aug. 13 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) released the second volume of the 26th edition of the Insurance Department Resources Report (IDRR) 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.

The first volume, published in June, included data on staffing, budgeting and examination information. The second volume includes admitted premium by state, by line of business; excess and surplus lines premium; and statistics including budget as a percent of revenues.

Developed primarily through an extensive survey of the NAIC member states and territories, the second volume of the IDRR is organized into two sections: Budget and Funding; and Examination and Oversight.

An overview of the findings in Volume Two includes:

* California reported the largest 2012 premium, which is $80.6 billion greater than the second-largest 2012 premium (New York).

* Total premium collected increased by 5.7 percent.

As well as being an important assessment tool for state insurance departments, the IDRR is a helpful reference for state legislators, federal regulators and other public policymakers.

A hard copy of the 2012 Insurance Department Resources Report - Volume Two can be ordered from the NAIC Store.

TNS 24HariRad-130814-30FurigayJof-4455386 30FurigayJof