The Financial Surveillance Section monitors the solvency of domestic and foreign (domiciled in another state) insurance companies. As of April 1,2018 there were approximately 1600 insurance companies licensed, authorized or eligible to transact insurance business in the Commonwealth. Included in this number are life insurers, accident and health insurers, property & casualty insurers, health maintenance organizations, non-profit hospital and medical service corporations, dental service plans, vision service plans, fraternal benefit societies, title insurers, risk retention groups, self-insurance groups, surplus lines insurers, eligible alien unauthorized insurers, reinsurers, service contract providers and life settlement companies. Financial Surveillance also monitors transactions entered into by Massachusetts' domestic insurers.
The Company Licensing staff is responsible for the review and processing of all applications from insurers seeking to obtain or amend licenses to transact insurance business in the Commonwealth. They process license certifications, analyze annual statement filings and manage other revenue collections in connection with surveillance and licensing.