Data analysis has revealed that the Georgia department of insurance’s budget of US$21.5 million represents only 0.05% of total state expenditures, below the US average of 0.07%.
State insurance departments are in charge of regulating the auto, health, homeowners’, and life insurance industries. These departments also license agents, brokerages, and insurers, resolve customer inquiries and complaints, enforce insurance laws, and investigate fraud cases. For a department to do its job properly, it needs funding and adequate staff numbers.
According to finance website NerdWallet’s research, Georgia spent only US$2.11 per capita, less than the national average of US$4.20 to regulate insurance. The state also kept only 2.21% of revenue, or money earned through fees, taxes, penalties, compared to the 5.98% national average.
On the brighter side, the report revealed that Georgia has more employees devoted to consumer services - 15.38% of the insurance department’s staff were in consumer affairs, compared to the US average of 12.82%.
Related stories:
Review of pest control solutions urged in Georgia
California regulator hits Zenefits with $7 million fine
Life insurance regulation shake-up proposed in New York
