National Association of Insurance Commissioners Releases 2017 Insurance Department Resources Report – Volume Two

BOSTON, Massachusetts, Aug. 6 -- The National Association of Insurance Commissioners issued the following news release:

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Report contains key statistics on premiums by state, by line of business and budget information

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The National Association of Insurance Commissioners (NAIC) today released the second volume of the 31st edition of the Insurance Department Resources Report (IDRR).

The IDRR 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.

This volume includes admitted premium by state, by line of business; excess and surplus lines premium; and relational statistics including budget as a percentage 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 2017 premium, which is $172.5 billion greater than the second-largest 2017 premium (New York).

Total premium collected increased by 5.4 percent.

The IDRR Volume One (PDF) -- published in July -- includes data on staffing, budgeting and examination information. 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.

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.