Massachusetts Annuity

The Massachusetts Division of Insurance is part of the Office of Consumer Affairs and Business Regulation.  It monitors the financial solvency of the insurance companies that sell policies and products within the state of Massachusetts.  It also ensures a healthy and responsive marketplace for those who purchase insurance and annuity products.

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Massachusetts Insurance Commissioner

Commissioner John G. Murphy was appointed in February 2010.  Prior to his appointment as commissioner, Mr. Murphy was the First Deputy Commissioner of the Division of Insurance, a position he held since 2006.  In that role, he oversaw the day-to-day operations of the Division along with its 130 employees and $12 million annual budget.  Before he joined the Division of Insurance, Mr. Murphy was the Chief of Staff and Research Director of the Joint Committee on Financial Services and the Joint Committee on Insurance in the Massachusetts State Legislature.  Mr. Murphy also serves as Chair of the Corporate Governance Working Group and is a member of the Management Committee of the Interstate Insurance Product Regulation Commission.  He is a native of Quincy, Massachusetts and has a B.A. in history and political science.

Massachusetts Annuity Resources

The Division of Insurance website contains a number of resources for residents of the state of Massachusetts looking for information about the purchase and suitability requirements for insurance and annuity products.  To learn more, visit the website at http://www.mass.gov/.  The site outlines the differences among various products and offers consumers guidelines as to how to determine which products are most appropriate.

 

Capital: Boston
State Commissioner: John G. Murphy
Insurance Hotline: (617) 521-7794
Annuity Guarantee Limit: $100,000
Website: http://www.mass.gov/
Links: Buying Life and Annuities