OCI performs a variety of tasks to protect insurance consumers and ensure a competitive insurance environment. OCI’s major functions include:
* Reviewing insurance policies that are sold in Wisconsin to make sure they meet the requirements set forth in Wisconsin law;
* Conducting examinations of domestic and foreign insurers to ensure compliance with Wisconsin laws and rules;
* Monitoring the financial solvency of licensed companies to make sure that consumers have the insurance coverage they expect when they need it;
* Issuing licenses to the various parties involved in selling and marketing insurance products;
* Assisting insurance consumers with their insurance problems;
* Researching special insurance issues to understand and assess their impact on Wisconsin;
* Providing technical assistance on legislation and promulgating administrative rules to interpret insurance laws;
* Creating and distributing public information and consumer education pieces to educate people about insurance; and
* Operating a state life insurance fund, a property fund for the property owned by local units of government, and a patients compensation fund insuring health care providers for medical malpractice.
