Indiana Insurance Department, Indiana Department of Insurance

By: EconomyWatch   Date: 26 May 2010

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The Indiana Department of Insurance holds the authority to regulate insurance laws in the state. The department enjoys legal sanctity to formulate administrative rules concerning the conduct of the insurance market.

Functions of the Indiana Department of Insurance

The Indiana Department of Insurance works to ensure a healthy and competitive insurance market in the state. It performs the following functions:

  • Enforcing insurance laws of the state and ensuring their implementation.
  • Providing licenses to insurance service providers, including companies, brokers, agents and underwriters.
  • Reviewing applications from insurance companies that wish to commence operations in Indiana.
  • Reviewing annual financial statements from insurance companies.
  • Monitoring and regulating insurance rates.
  • Formulating policies to contain insurance frauds and other wrongful practices in the insurance sector.
  • Publishing information related to the insurance market that can help citizens in making informed decisions

    • Indiana Department of Insurance: Consumer Assistance

    The Indiana Department of Insurance provides essential information and guidance on all insurance products. For this purpose, the department collects information regarding processes and products from all general insurance companies. It maintains a database of all the information to help consumers in their insurance-buying decision.

    The Indiana Department of Insurance has set up a fully-dedicated consumer services division against malpractices in the insurance sector. An Indianan resident can lodge a complaint against an insurance company, agent, broker or a health medical organization. This division has been responsible for protecting consumer rights and their hard-earned money. In 2006, the Indian Department of Insurance recovered $10,555,432 from insurance companies for incorrect payments to claimants.

    The department encourages potential insurance seekers to use INSURE U services. This informational resource is made available through the National Association of Insurance Commissioners. It educates consumers for a better understanding and selection while buying auto insurance, home insurance, health insurance or long-term insurance.

    Indiana Department of Insurance: State Health Insurance Program

    The Indiana Department of Insurance has the task to operate the State Health Insurance Assistance Program (SHIP). It offers advisory services to seniors and pre-retirees. It aims to impart information regarding:

  • What Medicare is and what are its benefits and the scope of services
  • How to file claims for Medicare
  • How to compare Medicare supplement and other health insurance policies in the market
  • Governmental and non-governmental agencies that can assist you with Medicare

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