National Association of Insurance Commissioners Releases Volume I of its Annual Insurance Department Resources Report

According to the National Association of Insurance Commissioners (NAIC), increasing federal attention is on state departments of insurance. This report focuses on resources and regulatory activities of NAIC members. These members include the following. – The 50 states – District of Columbia, – American Samoa – Guam – Northern Mariana Islands – Puerto Rico – U.S. Virgin Islands

By:
February 13, 2023

Author: Nancy Germond

This article contains information about states’ departments of insurance for 2021.

Volume I is divided into five sections as follows.

Staffing
Budget and funding
Examination and oversight
Insurance producers
Consumer services and antifraud

Here are a few interesting statistics from Volume I.

Overall, full-time staffing remained stable, with 22 departments boosting staff and 19 decreasing staff levels.
The biggest departments are California, Texas, Florida, New York and North Carolina.
Budget levels for 2023 are projected to rise by 9.1% from 2022.
Revenues collected from the insurance industry were up 2.7% from 202 to $29.8 billion in 2021.
U.S. domestic insurers decreased by from 5,929 in 2020 to 4,978 in 2021. Captive numbers will be released in Volume II.
There were 197 liquidations of insurers in progress and 35 rehabilitations.
Licensed resident producers were at 2.4 million and 244,641 entities.
There were 19,521 producer fines levied; 1,291 restitutions levied against producers; and 1,948 license revocations.
There were 259,345 official complaints with 1.5 million inquiries.
States with criminal fraud investigation units number 42.

Volume I of the report is available in full at this link.

https://content.naic.org/sites/default/files/publication-sta-bb-volume-one.pdf

?Last Updated: February 17, 2023

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