What is the Department of Insurance?
The department of insurance (DOI) is the state government department or division responsible for the regulation of insurance regulations.
Its duties may include the following:
-
enforcing statutes
-
mandating consumer protections
-
educating consumers, and
-
fostering the stability of insurance markets.
Generally, the state department of insurance has authority over how the insurance industry conducts business within a state, and licenses and regulates the rates and practices of insurance companies, agents and brokers in the state.
Note: This should not be taken as legal or tax advice.
