States where insurance departments have the largest budgets

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5. Florida

Budget: $ 51 million

(Photo: Shutterstock)

4. New Jersey

Budget: $ 76 million

(Photo: Sean Pavone / Adobe Stock)

3. Texas

Budget: $ 126 million

(Photo: Ryan Conine / Adobe Stock)

2. New York

Budget: $ 160 million

(Photo: Shutterstock)

1. California

Budget: $ 227 million

(Photo: Shutterstock)

Despite the economic fallout resulting from the COVID-19 pandemic over 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 budgets for insurance departments have increased to $ 1.625 billion this year, from $ 1.607 billion in 2020.

The state’s insurance department’s total workforce grew to 10,857 people, from 10,846 last year.

The NAIC included the budget and staffing in an overview of the insurance department’s resources.

The report includes detailed resource figures for the U.S. states, territories, and the District of Columbia. It does not include resource figures for the Federal Insurance Office of the US Treasury Department.

Annual insurance service budgets for 2021 range from $ 0 in Guam, the Northern Mariana Islands and the U.S. Virgin Islands to over $ 200 million.

The numbers range from one in each of the US territories to over 1,400 in California.

For the five states with the largest insurance department budgets in 2021, see the slideshow above.

Related: How State Insurance Departments Respond to COVID-19


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