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Amid COVID, Insurance Regulation Remains Profitable
Insurance Journal
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The COVID-19 pandemic hit state budgets particularly hard in 2020, with a $24.11 billion drop in tax revenue collected from 2019’s levels. But analysis of National Association of Insurance Commissioners (NAIC) data demonstrates that insurance regulation remained a profitable revenue source for the states, generating $3.29 billion in budgetary surpluses across the 50 states and the District of Columbia, up from $2.94 billion in 2019.