Who Regulates The Insurance Industry

Which executive agency regulates the insurance industry?

The Department of Regulatory Agencies includes the Division of Insurance and the Public Utilities Commission (PUC). The Division of Insurance regulates the insurance industry in the state, including automobile insurance and insurance agents.

How is the insurance industry regulated?

Historically, the insurance industry has been regulated almost exclusively by the individual state governments. The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself.

Who regulates the bail industry?

The state of Florida regulates very carefully the bail bond industry. Becoming a licensed bail bondsman is a lengthy process that includes many hours of training and a full year of supervised internship.

Should states really regulate health insurance?

There are several reasons why states regulate insurance rates. One is to ensure that rates aren't excessive. In the absence of regulation, insurers might charge rates that are too high and that generate too much profit. A second purpose is the opposite, to ensure that rates aren't too low.

Who Regulates The Insurance Industry

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