NAIC Releases 2016 Insurance Department Resources Report – Volume One

WASHINGTON, June 29 -- 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 30th 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.

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.

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.

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.