The basic functions of the department include:
The department executes its supervisory functions by reviewing applications from prospective insurers and providing them license. It also offers licenses to other industry people, such as counselors, agents, brokers and bail bondsmen. The New York Department of Insurance monitors the operations of insurance companies. It collects information about their financial health, business dealing with claimants and underwriting practices. It also receives annual financial report from every insurance company.
The regulatory functions of the department include laying out eligibility requirements for the insurers, regulating insurance policy rates and reviewing policyholders' complaints. It also works to liquidate or rehabilitate insolvent insurance companies. The New York Department of Insurance lays down conditions for mergers or consolidations in the insurance market.
The department offers several advisory and information services to help insurance consumers. One can find specific information about auto insurance, home insurance, life insurance, disaster preparedness and insurance malpractices from the department's website.