Investor Presentaiton
1
NAIC Scorecard
State Insurance Regulation:
Key Facts and Market Trends
NAIC
NATIONAL ASSOCIATION OF
INSURANCE COMMISSIONERS
The mission of the National Association of
Insurance Commissioners (NAIC) is to assist
state insurance regulators, individually and
collectively, in serving the public interest
and achieving the following fundamental
insurance regulatory goals in a responsive,
efficient and cost effective manner, consistent
with the wishes of its members. As part of this
mission, the NAIC compiles meaningful data
about the insurance regulatory community,
as well as the insurance industry.
Number of Insurance Companies
The number of insurance companies is provided
by state insurance regulators and is compiled
annually by the NAIC. Depending on the type of
insurance companies provided, they are classified
either as property/casualty, life and fraternal,
health, or title insurers. Insurers with primary
corporate headquarters located in a particular
state are called domestic insurers. The insurance
regulator in the insurer's state of domicile is the
primary regulator of that insurer. Foreign insurers
are those that are allowed to sell insurance in
a state but have a primary legal residence in
another state. The state rank represents the rank
relative to the state with the largest number of
insurers among all states.
U.S. Premiums by NAIC
Financial Statement Type
The premium volume from the NAIC financial
filing database is direct written premium derived
from insurer annual financial statement filings
provided to the NAIC. The total is comprised of
aggregate premium and deposits generated
without any adjustments for reinsurance. This
data is grouped according to insurer financial
statement filing type (i.e., property/casualty;
life, accident and health/fraternal; health; and
title). Data in one financial statement type could
contain data that seemingly fits better under
another line of business. For example, traditional
health data may be filed by an insurer using the
filing type of life, accident and health. Depending
on the regulatory requirements in the state of
domicile, captives and risk retention groups are
not always required to file with the NAIC and,
consequently, this data may not be considered
complete. Not all state funds are required to file
with the NAIC. State fund data contained herein
is reported separately and added to the premium
volume during composition of this report. Some
categories are modified to more closely align
with the structure of the NAIC financial statement
filings and may not be comparable to data
reported in prior years. The state rank represents
the rank relative to the state with the largest
premium volume among all states.
U.S. Premiums by IDRR Premium Type
The premium volume from the Insurance
Department Resources Report (IDRR) is comprised
of direct written premium that the states report
to the NAIC in compiling the IDRR. This data
is grouped by type of business and will not
match up with data grouped by NAIC financial
statement type. This data includes total direct
written premium reported by each state insurance
department and does not include premiums
from captives or surplus lines business. It was
requested that each state include state funds in
its premium volume reported. Some companies
may report premium data to the state insurance
department that are not required to report to the
NAIC due to sales volume or other regulatory
requirements of their domiciliary state.
Insurance Department Data
The insurance department data is provided
by state insurance regulators and is compiled
annually by the NAIC. Total taxes include
premium, retaliatory, franchise and income taxes
paid by insurers. Total revenue includes other
NAIC Scorecard / 2023 / United StatesView entire presentation