Department of Financial Services
The Department of Financial Services (CFO) and the Commissioner of the Office of Insurance Regulation oversee the insurance industry, and members of the Department have authority to make rules and issue penalties in order to carry out their responsibilities.
General powers and duties
The overall gist is that the Department and respective Offices have the following powers and duties:
- They enforce the Insurance Code.
- Their powers and authority may be expressed or implied in the Insurance Code.
- They may conduct any investigation to determine if a person has violated the code.
- The Department and Office may each employ actuaries. Actuaries must be members of the Society of Actuaries or the Casualty Actuarial Society.
Policyholders' Rights
The following principles serve as standards to be followed by the Department, Commission, and Office in interpreting the law, and adopting rules. Policyowners have the right to:
- competitive pricing practices and marketing to help them get the best value when comparing policies.
- obtain comprehensive coverage.
- accurate, fair and balanced information about the policy in marketing materials.
- a financially stable insurer.
- be serviced by a producer that is competent and honest.
- a policy that uses understandable language.
- an insurer that tries to help prevent losses and that quickly delivers claims.
- a balanced and positive regulation by the department, commission, and office.