- NAIC Releases 2014 Insurance Department Resources Report--Volume Two
- August 5, 2015
- Law Firm: Colodny Fass P.A. - Sunrise Office
- Contains Key Statistics on Premiums By State, By Line of Business and Budget Information
The National Association of Insurance Commissioners ("NAIC") released the second volume of the 28th edition of the Insurance Department Resources Report ("IDRR") today, August 4, 2015.
Detailed below, the first volume was published in June 2015 and included data on staffing, budgeting and examination information. Both reports detail how state insurance departments manage available resources to effectively regulate an increasingly complex and competitive industry.
The second volume includes admitted premium by state, by line of business; excess and surplus lines premium; and relational statistics including budget as a percent of revenues, budget as a percentage of premiums and revenues as a percentage of premiums.
An overview of the findings in Volume Two includes:
- California reported the largest 2014 premium, which is $107.8 billion greater than the second-largest 2014 premium (New York).
- Total premium collected increased by 5.4 percent.
Volume One of the IDRR provides key statistics on the resources and regulatory activities of the 56 NAIC-member jurisdictions. It contains information by state on the number of insurance department staff and their functions, annual budgets, revenue flows, the number of insurers and insurance producers, and the number of consumer complaints and inquires.
Developed primarily through an extensive survey of the NAIC member states, Volume One is organized into five sections: Staffing, Budget and Funding, Examination and Oversight, Insurance Producers, Consumer Services and Anti-Fraud.
Findings in Volume One include:
- California reported the largest 2016 budget, which is $48.0 million greater than the second-largest 2016 budget (New York).
- Total taxes collected increased by 6.8 percent.
- There were 6,118 domestic U.S. insurers in 2014.
- State insurance departments received nearly 280,000 official complaints and 1.9 million inquiries.