Total state spending on insurance regulation crept higher this year, in spite of the effect of COVID-19 on state budgets.
A new report from the National Association of Insurance Commissioners shows that total insurance department budgets increased to $1.625 billion this year, from $1.607 billion in 2020.
Total state insurance department staffing increased to 10,857 people, from 10,846 last year.
The NAIC included the budget and staffing figures in a look at insurance department resources.
The report includes detailed resource figures for U.S. states, territories and the District of Columbia. It does not include resource figures for the U.S. Treasury Department’s Federal Insurance Office.
Annual 2021 insurance department budgets range from zero, in Guam, the Northern Mariana Islands and the U.S. Virgin Islands, up to more than $200 million.
Staffing ranges from one, in each of the U.S. territories, up to more than 1,400 in California.
For the five states with the biggest 2021 insurance department budgets, see the slideshow above.