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Maine Annuity Information

Bureau of Insurance

The Bureau of Insurance regulates the insurance industry through examining and licensing procedures of insurance companies, licensing producers, reviewing rates and coverage forms, conducting audits, and by sponsoring programs that enhance awareness of and compliance with State laws. The Bureau has authority to enforce the State's insurance laws and rules, initiate investigations, and hold hearings concerning possible infractions.

Their Role:
  • License insurance producers and companies.
  • Perform examinations and conduct audits.
  • Review rates and coverage forms.
  • Investigate complaints.
  • Educate consumers about their rights and responsibilities under our laws.
  • Sponsor programs that enhance awareness of and compliance with State laws.
Superintendent of the Maine Bureau of Insurance

Eric A. Cioppa is Superintendent of the Maine Bureau of Insurance, one of five agencies within the state’s Department of Professional and Financial Regulation. He joined the Bureau in 1988 as a Statistician then served as Supervisor of the Workers’ Compensation Section prior to becoming Deputy Superintendent in 1998. He was unanimously confirmed as Superintendent in September 2011.

Eric is currently Secretary/Treasurer of the National Association of Insurance Commissioners (NAIC), Chair of the NAIC’s Financial Condition (E) Committee, Chair of the Audit Committee, member of the Executive Committee, Co-Chair of the Principles Based Reserving Implementation (EX) Task Force, Co-Chair of the IAIABC Working Group, and Northeastern Zone Representative on the Government Relations (EX) Leadership Council. He is also a member of the Maine State Employee Health Commission.

Maine Annuity Resources:

The Bureau of Insurance website provides annuity investors with information regarding the types of annuities available, suitability, sales and disclosure practices and other pertinent facts investors need when considering an annuity. The site also has a number of tools and numbers consumers can utilize to learn more about annuities. To learn more about how the Maine Bureau of Insurance works with and protects consumers interested in annuities, visit the website at http://www.maine.gov/pfr/insurance.

Capital: Augusta
State Commissioner: Eric A. Cioppa
Insurance Hotline: (207) 624-8475
Annuity Guarantee Limit: $100,000
Website: http://www.maine.gov/pfr/insurance
Links: Equity Indexed Annuities

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