What is one of the main functions of the Department of Insurance?

The main function of the Department of Insurance is to regulate and supervise insurance companies. This involves overseeing the insurance industry to ensure that companies comply with state laws and regulations, protecting consumers, and maintaining market stability. The department conducts regular examinations and audits of insurance firms, monitors financial solvency, and ensures that they meet required standards for operating in the state. By regulating the industry, the Department of Insurance also works to foster fair competition among insurers and ensure that policyholders receive the protections they are entitled to under the law.

While developing new insurance products, settling disputes between agents, and providing insurance to individuals may be aspects of the broader insurance industry, they are not primary functions of the Department of Insurance itself. Developing products is typically the responsibility of the insurers, and while dispute resolution may occur between agents, it is not a core regulatory function. Providing insurance is the domain of insurance companies rather than the department, which focuses on oversight rather than direct provision of insurance coverage.