About the Bureau of Insurance
The mission of the Bureau of Insurance is to regulate the insurance
industry for solvency and consumer protection. The Bureau has statutory
authority to enforce the State's insurance laws and rules and it initiates
investigations and holds hearings concerning possible violations.
Superintendent: Mila Kofman
What we do
- License insurance producers and companies.
- Perform examinations and conduct audits.
- Review rates and coverage forms.
- Investigate complaints.
- Educate consumers about their rights and responsibilities under
our laws.
- Sponsor programs that enhance awareness of and compliance with State
laws.
Contact us
Work Units
Administration Services
The Administrative Services Work Unit, including the Support Unit, provides
administrative support for all agency functions.
Consumer Health Care Unit
The Consumer Health Care Unit provides information to consumers regarding
health care plans, assisting enrollees with understanding their rights
and responsibilities under health care plans and assisting consumers
with health care plan complaints.
Life and Health
Actuarial Unit
The Life and Health Actuarial Work Unit reviews rate filings made by
licensed insurance companies and health maintenance organizations (HMOs)
and compiles statistics on mandated health insurance benefits.
Life and Disability
Technical Services
The Life & Disability Work Unit of the Bureau performs two major
functions, review of insurer form filings for all lines of life, disability,
and annuity products and resolution of consumer complaints, including
those involving viaticals.
Property Casualty Technical
Services
The Property/Casualty Work Unit of the Bureau performs three separate
functions, review of insurer rate, rule and form filings, resolution
of consumer complaints and administration of cancellation/nonrenewal
hearings.
Property Casualty Actuarial
Unit
The Property and Casualty Actuarial Work Unit reviews rate filings made
by licensed insurance companies and by advisory organizations.
Licensing
The Licensing Division is responsible for processing and maintaining
permanent license records on producers and business entities (agencies),
including issuing and terminating licenses. Additional responsibilities
include overseeing the licensing examination process, and supervising
the continuing education program.
Market Conduct
The Market Conduct Work Unit is responsible for establishing and monitoring
a compliance program for all licensees. This program includes both in-house
analysis and on-site examination of licensees. The examination process
typically focuses on the following areas: (1) company operations/management;
(2) complaint handling; (3) marketing and sales; (4) producer licensing;
(5) policyholder service; (6) underwriting; (7) claims. While the Unit
does not handle individual complaints, it does use complaint data and
information to analyze licensee trends and business practices or patterns.
This analysis is often a key factor in selection for the on-site examination
process.
Financial Examination
The Financial Examination Work Unit examines domestic insurers not less
than once every five years to insure soundness of the insurance company's
financial position.
Financial Analysis
The Financial Analysis Work Unit handles the licensing and monitoring
of Foreign Insurance Companies, MGA's, TPA's, Risk Retention Groups,
Reinsurance Intermediaries, Surplus Lines Entities and Reinsurance Companies.
We are also responsible for the on-going financial review of domestic
companies. We process name changes, mergers, acquisitions, amendments
to authority and redomestications of the above entities.
Alternative Risk Markets
The Alternative Risk Markets Work Unit reviews and evaluates applications
for Workers' Compensation Self-Insurance Authority, Captive entities,
and Multiple Employer Welfare Arrangements. Its mission is to apply
the rules and regulations governing these entities in a fair, consistent,
and timely manner to assure that Maine businesses who utilize alternative
risk mechanisms do so in an effective and responsible manner.
Workers' Compensation
Unit
Reviews rates, forms filed by individual insurers and the rating organization.
Reviews and resolves consumer disputes related to workers' compensation.
Conducts research and special projects related to workers' compensation
matters.
