NAIC Releases 2012 Insurance Department Resources Report

WASHINGTON, June 7 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) today released the first volume of the 26th edition of the Insurance Department Resources Report (IDRR), which outlines the resources utilized by state insurance departments to monitor marketplace solvency and protect consumers. As well as being a key assessment tool for state insurance departments, the IDRR is a helpful reference for state legislators, financial regulators and public policymakers. This volume of the IDRR contains information, by state, on the number of departmental staff and their functions, annual budgets, revenue flows, the number of insurers and insurance producers, and the number of consumer inquiries and complaints.

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 Antifraud.

Some key findings in Volume One include:

California reported the largest 2013 budget, which is $31.3 million greater than the second-largest 2014 budget (New York).

Total taxes collected increased by 1.4 percent.

There were 6,115 domestic U.S. insurers in 2012.

State insurance departments received more than 270,000 official complaints and 2.3 million inquiries.

The second volume of the IDRR, available in August 2013, will primarily include information on premium volume by type and by state.

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

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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