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.