The Division of Insurance's mission is to provide industry regulation that creates a healthy, solvent, responsive, and willing marketplace available to consumers in need of its products. The Division monitors the financial health and integrity of the insurance industry in the Commonwealth. The Division is responsible for setting and approving insurance rates for private passenger motor vehicles, homeowners, commercial vehicles, MEDEX, workers compensation, and medical malpractice among others. In addition, the Division licenses insurance companies and professionals; conducts financial examinations; approves policy forms; and investigates consumer complaints.

Budget Recommendations

The amount recommended for Fiscal Year 1998 will enable the Division to maintain its accreditation status and provide the same level of services as in Fiscal Year 1997.

Budgetary Direct Appropriations

DIVISION OF INSURANCE
7006-0020	For the operation and administration of the division of insurance, including expenses of the board of appeal on motor vehicle policies and bonds, and certain other costs of supervising motor vehicle liability insurance and the expenses of the fraudulent claims board; provided, that the positions of counsel I and counsel II shall not be subject to the provisions of chapter thirty-one of the General Laws; provided further, that contracts or orders for the purchase of statement blanks for the making of annual reports to the commissioner of insurance shall not be subject to the restrictions prescribed by section one of chapter five of the General Laws	5,180,751
	General Fund 60.00% Highway Fund 40.00%

DIVISION OF INSURANCE TRUST
7006-0030	For costs associated with maintaining accreditation by the National Association of Insurance Commissioners	3,103,649
	Division of Insurance Trust Fund 100%

Trust and Other Spending

9222-7500

MEDICAL MALPRACTICE ANALYSIS BUREAU

102,992

9222-7650

WORKERS' COMPENSATION TRUST FUND

468,679

9222-7900

STATE RATING BUREAU MEDICAL MALPRACTICE INSURANCE TRUST

162,484