State DOI Operations

Question 1

nine DOI functions

Answer 1

• licensing insurers
• regulating coverage and pricing
• conducting examinations
• licensing producers
• regulating claim adjusters
• preventing fraud
• determining need for insurer receivership
• providing consumer services
• monitoring sale of insurer securities

Question 2

types of filing laws

Answer 2

• prior-approval
• file-and-use
• use-and-file
• no-file

Question 3

common reasons for disapproval of rates (4)

Answer 3

• excessive or inadequate
• unfairly discriminatory
• illegal
• contrary to public interest

Question 4

purpose of financial exams

Answer 4

detect financial trouble as early as possible and develop information for timely regulatory action

Question 5

purpose of market conduct exams

Answer 5

show how insurers do business in four key areas:

• sales and advertising
• underwriting
• pricing
• claims handling

Question 6

consumer services provided by DOIs (3)

Answer 6

• educating the public about insurance
• investigating complaints
• holding hearings on consumer experiences