FOR IMMEDIATE RELEASE

NAIC RELEASES 2009 INSURANCE DEPARTMENT RESOURCES REPORT
Contains Key Statistics on State Insurance Department Resources
and Regulatory Activities

WASHINGTON, D.C. (July 13, 2010) — The National Association of Insurance Commissioners (NAIC) today released the 23^rd edition of its Insurance Department Resources Report (IDRR) to help state insurance departments assess their resources in comparison to other states. The IDRR details how the state insurance departments effectively manage their available resources in order to meet the challenge of regulating an increasingly complex and competitive industry.

Developed primarily through an extensive survey of the NAIC member states, the IDRR is organized into five sections: Staffing; Budget and Funding; Examination and Oversight; Insurance Producers; and Consumer Services and Anti-fraud.

Information on the number of departmental staff and their functions, annual budgets, revenue flows, premium volume, the number of insurers and insurance producers, and the number of consumer complaints and inquires can be found in the report.

An overview of the report findings include:

• Premiums increased by 9.9 percent to $1.8 trillion from 2008 to 2009.
• In 2008, the five states with the most premiums written in all lines were California, New York, Florida, Texas and Pennsylvania. These five states accounted for 42.9 percent of all insurance premiums in the United States.
• There were 7,869 domestic U.S. insurers in 2009.
• State insurance departments received more than 322,000 official complaints and 2.4 million inquiries.

As well as being a key assessment tool for state insurance departments, the IDRR is a helpful reference for state legislators, federal regulators and other public policymakers.  

A hard copy of the complete 2009 Insurance Department Resources Report can be ordered from the NAIC Store. An electronic version can be purchased and downloaded in PDF file format from the NAIC Account Manager.

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

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