What authority does the Connecticut Insurance Department have over insurers?

The Connecticut Insurance Department has the authority to regulate insurer practices, which includes overseeing the operations of insurance companies to ensure they comply with state laws and regulations. This regulatory authority is essential to maintain a fair and competitive insurance market, protect consumers, and ensure the financial stability of insurers operating within the state.

By regulating insurer practices, the department oversees various aspects such as the marketing of insurance products, claims handling, and licensing of insurance agents. This oversight helps to ensure that insurers adhere to ethical standards and that consumers are treated fairly.

The other choices reflect functions and roles that may not be fully descriptive of the department's authority. While the department may review insurance policies to ensure compliance with regulations, it does not necessarily approve every policy. The provision of financial assistance to insurers is not typically a function of an insurance department, as its main goal is to regulate rather than to provide financial aid. Additionally, while audits may be conducted, this is just one aspect of the broader regulatory role, and it's not the primary authority of the department. Thus, the regulation of insurer practices encapsulates a wider scope of the department's essential functions in maintaining the integrity of the insurance industry in Connecticut.