L&HMAmedium
Under M.G.L. c. 175 §4, the DOI Commissioner's authority to examine Massachusetts life insurers BEST serves which primary purpose?
ATo set premium rates for individual life policies
BTo approve the appointment of insurer board members
CTo collect federal premium taxes on behalf of the IRS
To protect policyholders by verifying solvency and compliance
Why this is the answer
DOI's examination authority under M.G.L. c. 175 §4 enables the Commissioner to conduct financial and market conduct examinations of MA-licensed life insurers. The primary purpose is to verify solvency and statutory compliance so that policyholder benefits are protected.
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