The National Association of Insurance Commissioners (NAIC) today released the 24th edition of its Insurance Department Resources Report (IDRR) – Volume Two to help state insurance departments assess their resources in comparison to other states.
The IDRR details how state insurance departments effectively manage their available resources in order to meet the challenge of regulating an increasingly complex and competitive industry. Earlier this year, the NAIC announced the IDRR would be released in two volumes.
The first volume, published in May, 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 statistics including budget as a percent of revenues.
Developed primarily through an extensive survey of the NAIC member states, the second volume of the IDRR is organized into two sections: Budget and Funding; and Examination and Oversight.
An overview of the findings in Volume Two includes:
• California reported the largest 2010 premium, which is $59.7 billion greater than the second-largest 2010 premium (New York).
• Total premium collected decreased by 2.4 percent.
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 2010 Insurance Department Resources Report – Volume Two can be ordered from the NAIC Store.