NAIC Releases 2016 Insurance Department Resources Report — Volume Two

PHILADELPHIA, Aug. 7 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) today released the second volume of the 30th edition of the Insurance Department Resources Report (IDRR). The report is intended to help state insurance departments assess their resources in comparison to other states. It details how state insurance departments manage available resources to effectively regulate a 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 relational statistics including budget as a percent of revenues, budget as a percentage of premiums and revenues as a percentage of premiums.

An overview of the findings in Volume Two includes:

California reported the largest 2016 premium, which is $151.4 billion greater than the second-largest 2016 premium (New-York)

Total premium collected increased by 4.0 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.