NAIC Releases Second Volume of Insurance Department Resources Report
The National Association of Insurance Commissioners (NAIC) has released the second volume of the 33rd edition of the Insurance Department Resources Report (IDRR). The report is designed to help state insurance departments assess their resources in comparison to other states. The first volume was published on Oct. 6 and included data on staffing, budgeting and examination information.
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 include:
- California, New York, Texas, Florida and Pennsylvania accounted for 40.9% of all insurance premiums in the United States.
- Total premiums collected increased by 5.7 percent.
The IDRR is a helpful reference for state legislators, federal regulators and other public policymakers. The report details how state insurance departments manage available resources to effectively regulate a complex and competitive industry.