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Audit Audit of the Division of Insurance

The audit, which examined the period of July 1, 2016 through June 30, 2018, reviewed how DOI administered its operations assessment process and its market conduct analysis of Massachusetts licensed insurers.

Organization: Office of the State Auditor
Date published: August 21, 2019

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of the Division of Insurance (DOI) for the period July 1, 2016 through June 30, 2018. In this performance audit, we reviewed how DOI administered its operations assessment process and its market conduct analysis of Massachusetts licensed insurers.

Below is a summary of our finding and recommendations, with links to each page listed.

Finding 1

DOI did not bill insurers for $857,306 in operations assessments.

Recommendations

  1. DOI should discontinue its practice of excluding some insurers from annual operations assessments and notify insurers that have traditionally been exempt from these assessments that they will no longer be exempt.
  2. DOI should work with insurers that were overbilled for operations assessments to determine whether any restitution is necessary.

 

A PDF copy of the audit of the Division of Insurance is available here.

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