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J. Robert Hunter (207) 864-3953

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J. Robert Hunter (207) 864-3953 FOR IMMEDIATE RELEASE CONTACT: J. Robert Hunter (207) 864-3953 STATE INSURANCE DEPARTMENT RESOURCES HAVE RISEN OVER LAST 10 YEARS BUT ARE STILL INADEQUATE TO FULLY PROTECT CONSUMERS Washington, DC - A decade ago a joint consumer/industry survey of state insurance department resources indicated that most states were inadequately funded to effectively regulate the insurance industry. A new study by the Consumer Federation of America (CFA) finds that, while there has been progress toward the goals set then, they still have still not been met. The primary goal that was set was that the overall insurance department budget should be at least 10% of premium tax revenues. This goal has not been met, although progress has been made. Nationally, the percentage of revenue being expended on insurance regulation has been: 1998 – 5.4%; 1993 – 6.4%; 1998 – 7.7%. This means that the state regulatory system is still almost 25% below minimal funding. Seven states – Arizona, Georgia, Indiana, Nevada, South Dakota, Tennessee and Utah – allocated less than 4% of revenue to state regulation. “It is unfortunate to see that over half of the states, representing 56% of the population score C or below ten years after the goal was established,” said J. Robert Hunter, Director of Insurance for CFA and author of the study. Hunter previously served Texas Insurance Administrator and Federal Insurance Administrator. “Over half of the states are more than 40% below the minimum needed to fully protect consumers,” he said. “In these states with inadequate resources, it is the responsibility of governors, legislators and insurance commissioners to take the lead in assuring adequate resources are available,” Hunter added. “CFA is sending a copy of this report to all governors and state insurance commissioners requesting action on this important matter.” Individual state results against this important goal are as follows: % OF REVENUE USED GRADE FOR REGULATION STATES WITH GRADE INDICATED A+ 12% or more DC, Florida, Louisiana, Maine, Massachusetts, New York, Oregon Wyoming (17% of USA population) A- 10% - 12% Alaska, Delaware, Illinois, Nebraska, New Jersey, Virgin Islands, Vermont 9% of USA population) B 8% - 10% California, Idaho, Kansas, Kentucky, North Carolina, North Dakota (18% of USA population) C 6% - 8% Colorado, Maryland, Michigan, Missouri, New Hampshire, Ohio, Pennsylvania, Rhode Island, Texas Wisconsin (28% of USA population) D 4% - 6% Alabama, Arkansas, Connecticut, Hawaii, Iowa, Minnesota, Mississippi, Montana, New Mexico, Oklahoma, South Carolina, Virginia, Washington, West Virginia (17% of USA population) F under 4% Arizona, Georgia, Indiana, Nevada, South Dakota, Tennessee, Utah (11% of USA population) In 1988, there were 153 companies per completed market conduct exam. In 1998 this ratio declined to 72 companies per completed exam. While an improvement, this lower company/exam ratio means that it takes 72 years for the typical state to perform market conduct examinations on all licensed insurers in the state, 7 years to complete all domestic insurance companies. This is inadequate, as we have learned over the last decade from the many market conduct abuses that have occurred. In 1988, there were 78 companies per completed financial exam. In 1998 this ratio had declined to 64 companies per completed exam. While an improvement, this means that it takes 64 years for the typical state to perform financial examinations on all licensed insurers in the state, 6 years to complete all domestic insurance companies. Nationally, the average number of actuaries on staff has quadrupled from 1 per state in 1998 to 4 in 1998. This is good but the goal of having at least one actuary on staff in every state has not been met. 14 states still have no professional actuary on staff as of 1998. In 1988, the average low and high salaries for attorneys seeking employment at a state insurance department in America were $26,945 and $45,213. For actuaries it was $36,075 and $56,233. By 1998 the attorney figures had risen to $37,721 and $71,112, increases of 40% and 57%. Actuary salaries in 1998 were a low of $48,690 and a high of $82,519, increases of 35% and 16%. These salary levels make it difficult for many insurance departments to successfully compete with the industry in attracting top candidates for positions. The average number of people employed by state insurance departments grew by 39% over the decade, with at least a doubling of size in Alaska, California, Connecticut, Maine, Minnesota and Ohio. There were fewer employees engaged in regulation in 1998 than there were 10 years earlier in Indiana, Michigan, Puerto Rico, Tennessee and Wyoming. “The states have made progress but there is much more to do,” Hunter said. The CFA executive called upon the states with poor grades to seek more funding from their state legislatures. “We offer our assistance to the states as you seek to upgrade their capacities,” Hunter concluded. The Consumer Federation of America is a non-profit association of more than 260 groups which, since 1968, has sought to advance the consumer interest through advocacy and education. Copies of the 57-page report are available for free to the media and $10 from CFA. -30- .
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