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Regulation and Compliance > State Regulation

NAIC Releases Receivership Data

By Jim Connolly

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The National Association of Insurance Commissioners has unveiled the Global Receivership Information Database, a national clearinghouse for receivership information.

The GRID system will include information for more than 1,200 receiverships administered by the states and by the District of Columbia, according to the NAIC, Kansas City, Mo.

The database will provide “receivership contact information, relevant court orders and docket numbers, ongoing tasks, distribution of assets, claims-liability details, business activity and deposits,” officials say.

GRID can be reached through the NAIC’s Consumer Information Source at Document Link

The CIS database offers several types of licensing details and key financial data.

In related news, the NAIC has released an Insurance Department Resources Report, a comparison of state insurance regulatory programs.

The state resources report covers staffing, budgets and funding, examinations and oversight, insurance producers, and consumer services and antifraud.

Total premiums increased 11.5% in 2007, to $1.6 trillion, and state regulators received about 371,000 official complaints and 2.4 million inquiries, according to the state resources report.

State regulators will have $1.5 billion in total funding in fiscal year 2009, with the overall total increasing 1.8%. Budgets were down in 12 states. The insurance department with the biggest budget, in New York, expects to have about $116 million at its disposal.

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