Insurance: Facts & Figures For New England Insurance Departments & Insurance Producers | 2023

This is the 35th year the NAIC has published this report


The National Association of Insurance Commissioners (“NAIC”) has published its annual Insurance Department Resources Report (IDRR). The Report, released in two separate volumes each year, has been published annually for the past 34 years.

The first of the two-volume report focuses on the resources and regulatory activities of the 56 NAIC-member jurisdictions including the 50 states, in addition to U.S. territories like Guam and Puerto Rico. The report is organized into five different sections:

  • Staffing;
  • Budget and Funding;
  • Examination and Oversight;
  • Insurance Producers; and
  • Consumer Services and Antifraud.

Key facts from Volume 1

The following are three key highlights from the overall report which takes a look at the year 2021, the last year for which full data is available. The full report which contains many more data points can be obtained from the NAIC:

  • There were 5,978 domestic U.S. insurers in 2021.
  • Revenues collected increased 2.7% to $29.8 billion in 2021.
  • State insurance departments received over 259,345 official complaints and 1.5 million inquiries.

Total Number of Domestic Insurers & Regulated Entities in Massachusetts

The chart below illustrates the number of Domestic Insurers there are in each state throughout the country as of 2021. Focusing on New England, Massachusetts had a total of 83 Domestic Insurers, up from 78 in 2020, while Vermont has 109, New Hampshire, 57, Maine 22, Rhode Island 30, and Connecticut 102.

Screenshot taken from the NAIC Report.

Trend of Domestic Insurers over the years

Another interesting and informative graph from the report shows the overall trend in the number of domestic insurers across the country since 2012.


Domestic Insurers in both Massachusetts & New England by type:

The following graphs break down the numbers between domestic and foreign insurance in each of the New England states.

TYPE OF DOMESTIC INSURERMASSACHUSETTSVTNHMECTRI
Life/Annuities16103261
Property/Casualty471147116520
Health17510898
Fraternal200010
Title110000
Risk Retention Group0840010
Other070000

Foreign Insurers in both Massachusetts & New England by type:

TYPE OF FOREIGN INSURERMASSACHUSETTSVTNHMECTRI
Life/Annuities372345329344345383
Property/Casualty:748739791745769792
Health619466211
Fraternal261517133526
Title191619202119
Risk Retention Group12348898410888
Other1293700053

2022/2023 Insurance Department Budgets

The Massachusetts Division of Insurance is funded 100 percent by a combination of fees and assessments. For the upcoming year, the projected 2023 budget for the Division is $16,335,817, placing it as the 33rd largest state budget.

For comparison purposes, the 10 states with the largest insurance department budgets are as follows (in descending order of their 2023 Budget):

STATES2023 BUDGET
1. California$245,487,000
2. Georgia$175,999,759
3. New York$159,830,000
4. Texas$122,522,914
5. Florida$81,688,921
6. New Jersey$76,299,000
7. Illinois$67,768,400
8. Alabama$64,334,383
9. North Carolina$64,323,278
10. Ohio$44,394,449

Revenues, Fees, Fines & Penalties for Massachusetts and the other New England states

The Massachusetts Division of Insurance had revenues totaling $634,799,685 in 2023. The breakdown of the Division’s funding and expenses is 80% for Administration and Regulation expenses and the remaining 20% covering Operational expenses.

The following is a look at the most recent revenue numbers for both Massachusetts and the other New England states:

REVENUESMAVTNHMECTRI
Total Revenues$634,799,685$100,915,730$138,922,515$102,389,365$243,227,167$188,780,381
Total Taxes$410,534,088$57,895,419$114,920,709$89,762,245$85,648,453$142,288,082
Fees & Assessments Collected$224,198,167$42,387,707$23,915,006$12,466,988$155,586,378$2,130,354
Fines & Penalties$67,430$632,604$86,800$160,132$1,992,336$9,623
Other Revenue$0$0$0$0$0$44,352,322

Financial, Market Conduct Exams and Formal Hearings

The Massachusetts Division of Insurance completed 129 examinations in 2019; in 2020 it conducted 21 Financial Exams and three Market Conduct Exams for a grand total of 24. The following chart takes a look at Massachusetts as compared to the rest of the New England region during 2021.

STATEFINANCIAL EXAMSMARKET CONDUCT EXAMSTOTAL
Massachusetts19423
New Hampshire15419
Maine516
Connecticut94958
Rhode Island909
Vermont22224

Insurance Producers

The following charts take a look at the percentage of Resident versus Non-Resident Producers, Licensed Producers/Adjusters, and Actions Against Producers as of 2021, for both Massachusetts as well as for the rest of the New England region.

Resident v. Non-Resident Producers

STATEINDIVIDUAL RESIDENTINDIVIDUAL NON-RESIDENTBUSINESS ENTITY RESIDENTBUSINESS ENTITY NON-RESIDENT
Massachusetts29,652140,8712,2755,812
New Hampshire6,654104,3285376,700
Maine7,639198,0448266,841
Connecticut20,835147,3691,7339,383
Rhode Island5,603100,2863463,802
Vermont2,21485,3861404,461

Licensed Producers/Adjusters

STATEPRODUCERSSURPLUS LINE BROKERSBAIL BONDSADJUSTERSOTHER
Massachusetts177,4603,49603225,143
New Hampshire110,9823,098084,4420
Maine205,6832,354020,2720
Connecticut168,2042,684239106,1801,503
Rhode Island106,8522,140085,4492,683
Vermont87,6261,2021469,99362

Actions Against Producers

STATENUMBER OF FINESAMOUNT OF FINESNUMBER OF RESTITUTIONSAMOUNT OF RESTITUTIONOTHER
Massachusetts7$12,3500$00
New Hampshire46$112,0501$10,322,1712
Rhode Island0$00$00
Connecticut3$20,5000$06
Maine4$160,2000$01
Vermont0$00$02

Consumer Complaints & Inquiries

In addition to the above information, the NAIC also tracks the number of consumer complaints and inquiries state insurance departments have received over the course of the year. The following is a breakdown of the complaints for Massachusetts as well as for the rest of New England in 2021:

STATECONSUMER COMPLAINTSCONSUMER INQUIRIES
Massachusetts1,8005,000
New Hampshire8503,744
Rhode Island260865
Connecticut4,58013,092
Maine4354,642
Vermont2992,611
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