The Division's Market Conduct Section, by initiating comprehensive or limited scope examinations, reviews the operations of domestic and foreign licensed insurance companies to ensure compliance with state laws, regulations and bulletins. Such examinations may include a review of company operations and management, complaint handling, marketing and sales, producer licensing, underwriting and rating and claims handling. Market Conduct examinations are initiated consistent with internal scheduling procedures and market analysis
Specifically, the Market Conduct Section is responsible for:
- Conducting and supervising timely comprehensive market conduct examinations;
- Determining whether multi-state regulatory settlement agreements negotiated by other states are fair to Massachusetts consumers;
- Monitoring the progress of multi-state regulatory settlement agreements in which the Massachusetts Division of Insurance was a lead state negotiator; and
- Participating in National Association of Insurance Commissioners market conduct related committees, working groups and task forces.