Investor Presentaiton
NAIC
NATIONAL ASSOCIATION OF
INSURANCE COMMISSIONERS
State Insurance Regulation in South Dakota: Key Facts and Market Trends
Overview of the 2022 Insurance Market In South Dakota
Number of Insurance Companies in
South Dakota
Premiums & Deposits by Type of Annual
Statement Filing in South Dakota
State
Type
Number
Rank
Statement
Type
Premium
State
% of
Written
Rank
U.S.
Domestic
38
43
Health
$2,087,288,213
47
0.17%
Total Domestic and Licensed
1,489
37
Life, Accident, and Health
$3,760,317,342
42
0.33%
Foreign Insurers
Property and Casualty
$3,671,372,864
40
0.42%
Captives not included.
Title
$37,588,563
48
0.17%
Source: NAIC Insurance Department Resources Report
Captive Insurance Companies in South Dakota
Total South Dakota
$9,556,566,982
47
0.29%
Source: National Association of Insurance Commissioners
Number of
Direct
Total
Captives
Written Premium
Captive Premium
19
$26,549,660
$26,549,660
IDRR Premiums by Category in South Dakota
Source: NAIC Insurance Department Resources Report
Category
Premiums
State
% of
Tvpe
Rank
U.S.
Insurance Department Data for South Dakota
Property and Casualty
$3,576,472,539
39
0.46%
State
% of
Life/Annuities
$3,278,199,557
40
0.34%
Description
Amount
Rank
U.S.
Risk Retention Group
$3,990,142
47
0.07%
Total Taxes:
$103,284,080
43
0.38%
All Other
$0
17
0.00%
Total Revenue:
Total Budget:
Total Employment:
$119,487,839
45
0.37%
Title
$37,588,563
47
0.18%
$3,715,676
51
0.21%
34
50
0.31%
Health
$2,558,346,613
48
0.19%
Total Inquiries:
Total Complaints:
1,549
39
0.10%
Total
$9,454,597,414
46
0.30%
458
46
0.16%
Source: NAIC Insurance Department Resources Report
Source: NAIC Insurance Department Resources Report
Cost of Regulation in South Dakota
Insurance
Department
Dept. Budget
Per $1,000
Year
Budget
Premium
2013
$2,380,493
$0.45
2014
$2,582,718
$0.46
2015
$2,947,324
$0.50
2016
$3,139,340
$0.52
2017
$2,952,780
$0.45
2018
$3,389,422
$0.53
2019
$3,389,422
$0.49
2020
$3,426,602
$0.44
2021
$3,635,118
$0.41
2022
$3,715,676
$0.39
Source: NAIC Insurance Department Resources Report
Insurance Dept Budget (Thousands)
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
Cost of Regulation
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$500,000
$0
$0.00
2013 2014
2015
2016
2017
2018
Fiscal Year
2019 2020
2021
2022
Insurance Department
Dept Budget per $1,000
Budget
Premium
Copyright ©2023 National Association of Insurance Commissioners. All rights reserved.
Cost of Regulation per $1,000 PremiumView entire presentation