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

The primary function of the Department of Insurance is to regulate and supervise insurance companies. This role is crucial for ensuring that these companies operate fairly and ethically while protecting consumers' interests. The Department oversees the financial health of insurance providers, making sure they can meet their obligations to policyholders. It also enforces compliance with laws and regulations, including those related to policy pricing, marketing practices, and claims handling.

By regulating the insurance industry, the Department of Insurance helps maintain a stable and competitive market that serves the needs of consumers and ensures that insurance companies act responsibly. This regulatory function also extends to licensing agents and brokers, further ensuring that the industry maintains high professional standards.

While the development of new insurance products is key to innovation within the industry, it is not the Department's main responsibility. Settling disputes between agents, though important, is also not a primary function of the Department. Additionally, providing insurance directly to individuals is outside the Department's mandate, as its focus is on regulation rather than underwriting or selling insurance.