Author: Nancy Germond

This article contains information about states' departments of insurance for 2021.

Volume I is divided into five sections as follows.

1. Staffing
2. Budget and funding
3. Examination and oversight
4. Insurance producers
5. Consumer services and antifraud
   

Here are a few interesting statistics from Volume I.

• Overall, full-time staffing remained stable, with 22 departments boosting staff and 19 decreasing staff levels.
• The biggest departments are California, Texas, Florida, New York and North Carolina.
• Budget levels for 2023 are projected to rise by 9.1% from 2022.
• Revenues collected from the insurance industry were up 2.7% from 202 to $29.8 billion in 2021.
• U.S. domestic insurers decreased by from 5,929 in 2020 to 4,978 in 2021. Captive numbers will be released in Volume II.
• There were 197 liquidations of insurers in progress and 35 rehabilitations.
• Licensed resident producers were at 2.4 million and 244,641 entities.
• There were 19,521 producer fines levied; 1,291 restitutions levied against producers; and 1,948 license revocations.
• There were 259,345 official complaints with 1.5 million inquiries.
• States with criminal fraud investigation units number 42.

Volume I of the report is available in full at this link.

https://content.naic.org/sites/default/files/publication-sta-bb-volume-one.pdf

​Last Updated: February 17, 2023

_______________________________________________________________________________________________

Copyright © 2023, Big “I" Virtual University. All rights reserved. No part of this material may be used or reproduced in any manner without the prior written permission from Big “I" Virtual University. For further information, contact jamie.behymer@iiaba.net.