WASHINGTON (Aug. 1, 2019) — The National Association of Insurance Commissioners (NAIC) today released the first volume of the 32nd edition of the Insurance Department Resources Report (IDRR). The report provides information about insurance department resources and how they are managed.
Volume One of the IDRR is organized into five sections: staffing; budget and funding; examination and oversight; insurance producers; and consumer services and antifraud. The IDRR serves as an assessment tool for state insurance departments and a reference for state legislators, other financial regulators and public policymakers.
Findings for 2018 in Volume One includes:
- There were 5,965 domestic U.S. insurers in 2018.
- State insurance departments received nearly 290,000 official complaints and more than 1.6 million inquiries.
- Licensed resident producers numbered nearly 2.2 million individuals and 228,393 entities. Non-resident producers consisted of nearly 6.6 million individuals and 456,908 entities.
The second volume, which will be released in late Summer, will include information on premium volume by type and by state.