Which entity regulates the rates and licenses of insurers who write workers’ compensation insurance (adjusters)?

• A. Department of Labor and Training
• B. Medical Advisory Board
• C. Insurance Carriers
• D. Department of Business Regulation

Answer: (D)

Regulation of insurance rates and licensing for workers’ compensation insurers and their adjusters is handled by the Department of Business Regulation in Rhode Island (through its Division of Insurance). This state agency reviews and approves rate filings, issues and enforces licenses for insurers and adjusters, and enforces insurance laws to protect consumers and ensure market stability. The Department of Labor and Training, by contrast, oversees the workers’ compensation system’s benefits and claims processing, not rate setting or licensing of insurers. The Medical Advisory Board focuses on medical treatment guidance, not regulatory oversight. Insurance carriers may set their own prices in the market, but they must operate under the rules and approvals of the regulator, not independently regulate rates or licenses themselves.