States' Insurance Dept. Budgets To Fall In 2013: Report

Law360, New York (June 8, 2012, 10:16 PM EDT) -- As many states' insurance departments are finding themselves inadequately staffed, budgets for state insurance departments are expected to tumble in 2013, according to a report released Thursday by the National Association of Insurance Commissioners.

The annual NAIC report takes stock of resources available to insurance departments and lists their budgets, staffing levels and revenues collected from the insurance industry. According to this year's report, insurance departments anticipate their total budget levels for 2013 will be $1.3 billion — a 3.2 percent decline from 2012.

Deirdre Manna,...
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