FOR IMMEDIATE RELEASE

NAIC Releases 2017 Insurance Department Resources Report – Volume One
Report contains key statistics on state insurance department
resources and regulatory activities

WASHINGTON (July 16, 2018) — The National Association of Insurance Commissioners (NAIC) today released the first volume of the 31st edition of the Insurance Department Resources Report (IDRR).

Developed through an extensive survey of the NAIC member states, the report is intended to provide state insurance departments with information to compare their resources with other insurance departments. The report details how state insurance departments manage available resources to regulate a complex and competitive industry.

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 2019 budget, which is $58.8 million greater than the second-largest 2019 budget (New York).
  • Total taxes collected increased by 3.3 percent.
  • There were 5,954 domestic U.S. insurers in 2017.
  • State insurance departments received nearly 300,000 official complaints and more than 1.7 million inquiries.

The IDRR is a key assessment tool for state insurance departments. It is also a reference for state legislators, other financial regulators and public policymakers.

The second volume, which will be released in August, will include information on premium volume by type and by state.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is 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 reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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