The main responsibilities of the Market Conduct Section are:
- Examining Company Practices: Investigate how insurance companies treat policyholders to ensure all actions are fair and compliant with contracts and laws. These investigations include looking at company records and practices related to sales, advertising, pricing, and claims handling.
- Issuing Examination Reports: After an investigation, the section prepares a report with their observations and suggestions. If needed, the report includes actions for the company to fix any unfair or illegal procedures.
- Taking Administrative Action: Serious problems found during an examination can lead to further actions like fines, payments to customers, or other benefits for the people who bought insurance.
- Analyzing Market Data: Review regulatory data from companies operating in Massachusetts to better understand the current insurance market and identify potential areas for intervention.
- Collaborating with Other States: The section shares and receives information from the National Association of Insurance Commissioners (NAIC) and participates in multi-state settlement agreements.