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NAIC Releases 2020 Insurance Department Resources Report - Volume One
Contains Key Statistics on State Insurance Department Resources and Regulatory Activities
The National Association of Insurance Commissioners (NAIC) today released the first volume of the 34th 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.
The first volume of the IDRR contains information by state on the number of departmental staff and their functions, annual budgets, revenue flows, the number of insurers and insurance producers, and the number of consumer complaints and inquiries. The second volume, which will be released in September, will primarily include information on premium volume by type and by state.
Developed primarily 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:
- There were 5,929 domestic U.S. insurers in 2020.
- Revenues collected increased 7.27% to almost $29 billion in 2020.
- State insurance departments received over 246,900 official complaints and 1.3 million inquiries.
As well as being a key assessment tool for state insurance departments, the IDRR is a helpful reference for state legislators, other financial regulators and public policymakers.
The 2020 Insurance Department Resources Report – Volume One can be downloaded at: IDRR Volume One.