Maine Bureau of Insurance

Office address: 76 Northern Ave, Gardiner, ME 04345
Website: maine.gov/pfr/insurance
Year established: 1995 (formally established under the DPFR)
Employees: 73+
Key people: Bob Carey (superintendent); Timothy Schott (deputy superintendent); Joanne Rawlings-Sekunda, Shari Gregory, and Vanessa Sullivan (directors); Marti Hooper (actuary)
Operating budget: $12 million (FY 2025)

The Maine Bureau of Insurance (BOI) regulates insurance companies and professionals to protect consumers and uphold Maine's insurance laws. In 2024, it recovered over $5 million and matched $7.4 million in lost life insurance policies for residents.

History of Maine Bureau of Insurance

The Maine BOI became a formal state agency in 1995 under the Department of Professional and Financial Regulation. Before that, it had already earned National Association of Insurance Commissioners (NAIC) accreditation.

Over time, it has built a strong role in protecting Maine consumers and overseeing insurance carriers. A brief overview of the Maine Bureau of Insurance’s history is listed below:

• 1993: gained NAIC accreditation as a qualified financial regulator
• 1995: formally established under the state's professional regulation department
• 2017: adopted NAIC tool for finding lost life policies
• 2019: began recovering millions in funds for consumers
• 2022: state passed law requiring fertility coverage in health plans
• 2023: issued bulletin guiding carriers on fertility policy compliance
• 2024: implemented full fertility coverage rules across Maine plans
• 2025: approved major workers’ comp rate cut, saving $27 million

Today, the bureau continues to help Mainers with complaints and insurance claims while guiding the industry through changing state laws.

Maine Bureau of Insurance mandate

The Maine BOI operates under Title 24-A of the Maine Revised Statutes, which gives it authority to regulate the insurance industry in Maine. The agency is led by Superintendent Bob Carrey, appointed by the governor and confirmed by the Senate.

The bureau’s mandate is supported by ten distinct work units:

1. administrative services
2. consumer health care
3. life and health actuarial
4. property casualty
5. licensing
6. market conduct
7. financial examination
8. financial analysis
9. alternative risk markets
10. research and statistics

Maine follows a state-based insurance system that protects policyholders and keeps markets strong. The Maine Bureau of Insurance works with the NAIC on US standards and with the International Association of Insurance Supervisors (IAIS) on global oversight.

Key responsibilities

The Maine Bureau of Insurance carries out daily oversight to keep the state’s insurance market balanced and legal. Its key responsibilities include:

• licensing insurance professionals: approves and renews agents, brokers, and adjusters
• reviewing insurance rates: checks pricing for health, auto, property, and more
• resolving consumer complaints: helps settle claims and disputes with insurers
• monitoring insurer conduct: examines how companies treat policyholders
• auditing insurer finances: checks financial health of companies licensed in Maine
• regulating health plans: oversees filings from health insurers and HMOs
• enforcing state insurance laws: ensures companies follow Maine’s legal rules
• approving insurance forms: reviews policy language before it's sold to the public
• reporting to lawmakers: shares insurance trends, rates, and consumer outcomes
• tracking data and trends: collects statistics for reports and public records

These responsibilities help protect Maine residents and make sure insurers play by the rules. Every task supports a fair insurance system that works for consumers and businesses.

Recent initiatives and regulatory focus

The Maine Bureau of Insurance recently approved a 10 percent average drop in workers’ compensation loss costs for 2025. It also reduced rate increases requested by a long-term care insurer, easing the burden on older Mainers. Other recent actions include:

• public forum held: gathered input on long-term care rate changes
• rate cuts approved: lowered employer costs for workplace injury insurance
• complaint recoveries: returned millions to Mainers after claims disputes
• policy oversight: reviewed filings tied to high-cost coverage
• consumer outreach: invited feedback before rate decisions

The agency reduced proposed long-term care rate hikes by Genworth Life. Instead of a 93 percent hike, the bureau approved a smaller 40 percent increase after public feedback. This move shows the Maine Bureau of Insurance’s ongoing push for fairness and consumer protection in aging-related coverage.

Consumer protection and outreach

The Maine Bureau of Insurance helps residents with:

• filing a complaint: online form to report insurance problems
• comparing auto policies: guides and resources to help compare auto coverage
• comparing homeowners' policies: guide showing differences across home insurance plans
• publicizing long-term care partnership policies: info on plans that protect assets under MaineCare
• enforcing mandated health insurance benefits: summary of state-required coverages

Additional help includes consumer guides that break down insurance topics and a glossary that defines complex terms in plain language. These tools make it easier for Mainers to understand policies and know their rights.