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

Insurance Statistics Massachusetts & New England

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.

NAICUSScreeenshot | Agency Checklists — 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 INSURER	MASSACHUSETTS	VT	NH	ME	CT	RI
Life/Annuities	16	1	0	3	26	1
Property/Casualty	47	11	47	11	65	20
Health	17	5	10	8	9	8
Fraternal	2	0	0	0	1	0
Title	1	1	0	0	0	0
Risk Retention Group	0	84	0	0	1	0
Other	0	7	0	0	0	0

Foreign Insurers in both Massachusetts & New England by type:

TYPE OF FOREIGN INSURER	MASSACHUSETTS	VT	NH	ME	CT	RI
Life/Annuities	372	345	329	344	345	383
Property/Casualty:	748	739	791	745	769	792
Health	6	19	46	6	2	11
Fraternal	26	15	17	13	35	26
Title	19	16	19	20	21	19
Risk Retention Group	123	48	89	84	108	88
Other	129	37	0	0	0	53

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):

STATES	2023 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:

REVENUES	MA	VT	NH	ME	CT	RI
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.

STATE	FINANCIAL EXAMS	MARKET CONDUCT EXAMS	TOTAL
Massachusetts	19	4	23
New Hampshire	15	4	19
Maine	5	1	6
Connecticut	9	49	58
Rhode Island	9	0	9
Vermont	22	2	24

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

STATE	INDIVIDUAL RESIDENT	INDIVIDUAL NON-RESIDENT	BUSINESS ENTITY RESIDENT	BUSINESS ENTITY NON-RESIDENT
Massachusetts	29,652	140,871	2,275	5,812
New Hampshire	6,654	104,328	537	6,700
Maine	7,639	198,044	826	6,841
Connecticut	20,835	147,369	1,733	9,383
Rhode Island	5,603	100,286	346	3,802
Vermont	2,214	85,386	140	4,461

Licensed Producers/Adjusters

STATE	PRODUCERS	SURPLUS LINE BROKERS	BAIL BONDS	ADJUSTERS	OTHER
Massachusetts	177,460	3,496	0	322	5,143
New Hampshire	110,982	3,098	0	84,442	0
Maine	205,683	2,354	0	20,272	0
Connecticut	168,204	2,684	239	106,180	1,503
Rhode Island	106,852	2,140	0	85,449	2,683
Vermont	87,626	1,202	14	69,993	62

Actions Against Producers

STATE	NUMBER OF FINES	AMOUNT OF FINES	NUMBER OF RESTITUTIONS	AMOUNT OF RESTITUTION	OTHER
Massachusetts	7	$12,350	0	$0	0
New Hampshire	46	$112,050	1	$10,322,171	2
Rhode Island	0	$0	0	$0	0
Connecticut	3	$20,500	0	$0	6
Maine	4	$160,200	0	$0	1
Vermont	0	$0	0	$0	2

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: