Despite the economic fallout resulting from the COVID-19 pandemic in the past year and a half, total state spending on insurance regulation has increased in 2021. 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 $0 in Guam, the Northern Mariana Islands and the U.S. Virgin Islands to more than $200 million. Staffing ranges from one in each of the U.S. territories to more than 1,400 in California. For the five states with the biggest 2021 insurance department budgets, see the slideshow above. Related: How state insurance departments are responding to COVID-19
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
