Which entity primarily regulates insurance rates in Massachusetts?

The Massachusetts Division of Insurance is the primary entity responsible for regulating insurance rates within the state. This division operates under the Massachusetts Executive Office of Energy and Environmental Affairs and is charged with overseeing the insurance market to ensure that consumers have access to fair and reasonable rates.

The role of the Division of Insurance includes evaluating the rates proposed by insurance companies, monitoring financial stability, and ensuring compliance with state laws and regulations. It aims to protect consumers by preventing unfair, discriminatory, or excessive rate increases and by ensuring that companies maintain sufficient reserves to pay claims.

In contrast, the other entities listed do not have a direct role in regulating insurance rates specific to Massachusetts. The Federal Insurance Corporation primarily deals with different financial regulatory matters, while the State Attorney General's Office focuses on protecting consumers from fraud and enforcing state laws more generally, rather than specifically overseeing insurance rates. The Consumer Financial Protection Bureau, on the other hand, addresses consumer financial products and services but does not regulate insurance on a state level. Thus, the Massachusetts Division of Insurance is the correct choice for regulatory authority over insurance rates in the state.