Mission Statement Self Insurance, Third Party Administrators, Employee Leasing Annual Premiums for Med. The Insurance Division of the Department of Commerce is responsible for assuring policyholders are protected against financially unsound insurance companies, and from unfair and discriminatory business practices. In carrying out its role in regulating the insurance industry, the division examines the financial condition of companies licensed to sell life policies, health policies, homeowner's policies, auto policies, annuities, pension investment contracts, retirement accounts and other Insurance products in Minnesota. The division also licenses insurance companies to conduct business in Minnesota. Field examiners visit insurance companies to conduct on-site reviews of financial and operations records.
Analysts study the data to evaluate the financial status of the companies.
The commissioner may authorize additional investigations or take administrative actions when appropriate. Contracts are reviewed for compliance with Minnesota laws, including whether the benefits being provided are reasonable in relation to the premiums charged. In addition, the policy provisions are reviewed to determine that they are not misleading, deceptive or not in the public interest. Rate adjustments are evaluated based on whether the proposed change is justified and actuarially sound. Last year Policy Analysts reviewed over 13,000 rate and form filings.