What does the Office of Insurance Regulation review after an organization files an application to conduct insurance business?

The Office of Insurance Regulation is responsible for ensuring that insurance companies operate in a manner compliant with state laws and regulations. After an organization submits an application to conduct insurance business, the Office reviews the application to determine whether the company meets the necessary qualifications to receive a Certificate of Authority. This Certificate is essential for legal operation within the state, indicating that the insurer has satisfied all regulatory requirements concerning financial stability, business practices, and compliance with statutory obligations.

While other elements may be relevant to the application process—such as insurance plans or compliance rules—the primary focus of the Office during the review is to assess whether the insurer is fit to hold the Certificate of Authority. This review ensures that only reliable and compliant businesses are allowed to provide insurance coverage to residents, thereby protecting consumers and maintaining the integrity of the insurance market.