What must insurers file with the Department of Insurance?

Insurers are required to file certain documents with the Department of Insurance to ensure compliance with regulations and to promote transparency in their operations. Among these requirements, financial statements are particularly critical. They provide a detailed account of an insurer's financial health, including assets, liabilities, revenues, and expenses. This information is essential for regulatory bodies to assess the company's solvency and ensure it can meet its obligations to policyholders.

The filing of financial statements allows the Department of Insurance to monitor the stability and risk management practices of insurers operating within the state. By reviewing these documents, regulators ensure that insurers are financially sound and capable of covering claims made by policyholders, thus safeguarding the interests of consumers within the insurance market.