An insurance commissioner (or an insurance commissioner) is a public official in a state or territory executive branch in the United States who, together with his office, organizes the insurance industry. The powers granted to the insurance commissioners are different in each state. The insurance commissioner's office is established either by the state constitution or by law. While most insurance commissioners are appointed, in some jurisdictions they are elected. The insurance commissioner's office may be part of a larger regulatory body, or an autonomous department.
Insurance laws and regulations are individually established by each state. In order to better coordinate the insurance arrangements between states and territories, the insurance commissioner is a member of the National Association of Insurance Associations (NAIC).
Video Insurance commissioner
Duties and authorities of insurance commissioners
The purpose of the insurance commissioner is to maintain a fair price for insurance products, protect solvency of insurance companies, prevent unfair practices by insurance companies, and ensure the availability of insurance coverage. To achieve this goal, each country provides some strength to its insurance and office commissioners, including:
- Insurance rate agreement
- Periodic financial checks for insurance
- Company licenses, agents, agents, and brokers
- Monitor and manage claims handling
Maps Insurance commissioner
Current insurance commissioner list
Starting April 18, 2017, various insurance commissioners are:
References
Source of the article : Wikipedia
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