The Massachusetts Division of Insurance serves the people of Massachusetts and the insurance carriers. The DOI Mission Statement states it’s primary mission is to overlook the solvency of it’s licensees to create and maintain a productive and willing market for insurance consumers. It also includes the following:
“Protection of consumer interests is of prime importance to the Division and is safeguarded by providing accurate and unbiased information so consumers may make informed decisions and by intervening on behalf of consumers who believe they have been victimized by unfair business practices.”
The mission statement exposes what the Division of Insurance is all about, but what exactly does it do? Take a look at the following, listed on the DOI website, to get a better idea:
- License Insurance Companies: The DOI processes the license of each insurance insurance carrier to ensure only financially stable insurance companies receive and maintain a license to sell insurance.
- Examine the Financial Stability of Insurance Companies: Monitoring insurance carriers through quarterly financial reviews the DOI looks for signs of financial instability. When financial worries arise the DOI will regulate the actions of the company to prevent insolvency.
- Examine the Conduct of Insurance Companies: The Division will go further than finances, it also examines an insurance company’s customer relations. Examining everything from a company’s underwriting and rating procedures to renewals and claims the DOI looks to make sure the consumers are treated fairly.
- Regulates forms, rates, and programs: Through regulating the forms, rates, and programs of each insurance company the DOI ensures products sold by each company follow Massachusetts laws and regulations
- Provides license for producers and others involved w/ insurance: The Division provides insurance license for producers and others involved in the insurance industry. This ensures that a license will only be given to someone who is qualifies and will abide by Massachusetts laws.
- Accepts Insurance Complaints: The Division of Insurance also accepts complaints against an insurer, producer/ agent, or appraiser involved in the insurance business. The Division will give each complaint a reply and/ or resolution explaining and coinciding with Massachusetts laws and regulations.