Financial Surveillance and Company Licensing Department

The Financial Surveillance and Company Licensing Department monitors the solvency and licensing of domestic, foreign (domiciled in another state), and alien (international) insurance companies. The Department ensures that each Massachusetts domiciled insurance company and health maintenance organization is monitored for compliance with the Commonwealth’s statutes and regulations and NAIC standards pertaining to financial solvency.

There are various  entities licensed, authorized or eligible to transact business in the Commonwealth, including the following  entity types:

• Certified and Reciprocal Reinsurers
• Dental Service Plans
• Fraternal Benefit Societies
• Health Maintenance Organizations
• Life, Accident and Health insurers
• Life Settlement Providers
• Non-profit hospital and medical service corporations
• Property and Casualty insurers
• Risk Bearing Provider Organizations
• Surplus Lines insurers
• Title Insurers
• Vision Service Plans

In addition, The Financial Surveillance and Company Licensing Department is responsible for:

• Analyzing financial statement filings
• Issuing licenses and certificates
• Managing other revenue collections in connection with surveillance and licensing
• Maintaining NAIC’s State Based System (SBS) website
• Monitoring transactions entered into by Massachusetts’ domestic insurers
• Reviewing and processing applications from insurers seeking to obtain or amend licenses to transact business in the Commonwealth.