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Financial Examinations Department

Financial Exams

The Financial Examination department plays a vital role in monitoring the solvency of insuring organizations chartered in Massachusetts. This role is principally fulfilled by conducting statutorily required on-site audits of domestic licensed insurance companies and other licensed entities. Massachusetts is the domiciliary state for property/casualty insurers, life insurance companies, accident and health insurers, title insurance companies, health maintenance organizations, lodge fraternal organizations, medical service corporations, workers' compensation self-insured groups, several residual market pools, (e.g., FAIR Plan and Commonwealth Automobile Reinsurers) and over one hundred fifty fraternal benefit and mutual aid societies.

The Financial Examination department employs financial examiners to accomplish the Division's statutory examination requirements. Additionally, utilization of the services of outside contractor specialists provides additional auditors/examiners, tax specialists, actuaries, etc., and is determined based upon the size, complexity and risk assessment issues of the insurance company and the financial examination thereon. Included in the Financial Examination department are staff financial examiners who, on an as-available basis, are temporarily assigned to examine about one hundred fifty non-lodge fraternal benefit and mutual aid societies, as well as, examinations of the self-insured groups domiciled within the Commonwealth.  Staff financial examiners are also employed in the process of collecting the annual taxes that special brokers pay on Massachusetts risks placed with excess and surplus lines carriers authorized to conduct business in the Commonwealth of Massachusetts, while also annually managing the calculation and collection of life valuation and certification fees.


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