What kind of agency is the Medical Information Bureau (MIB)?

The Medical Information Bureau (MIB) operates as a non-profit central information agency. Its primary function is to serve as a repository for health and medical information related to individuals applying for life and health insurance. The MIB enables member insurance companies to share and access critical data, which helps in assessing the risk associated with insuring an individual. This data is important for underwriting processes, allowing insurers to make informed decisions while also protecting consumers from fraud.

The agency's non-profit status underscores its role as a facilitator of information between insurers, rather than as an entity seeking to generate profit. This structure fosters trust among the member companies and those they serve since the MIB is designed to enhance the insurance process rather than to compete in the market like a private company would. Additionally, because it is not a government organization, it operates independently of public agencies, which allows for a focus on the specific needs of the insurance industry.