An insurance commissioner (or commissioner of insurance) is a
public official
An official is someone who holds an office (function or mandate, regardless of whether it carries an actual working space with it) in an organization or government and participates in the exercise of authority (either their own or that of the ...
in the
executive branch
The executive branch is the part of government which executes or enforces the law.
Function
The scope of executive power varies greatly depending on the political context in which it emerges, and it can change over time in a given country. In ...
of a
state
State most commonly refers to:
* State (polity), a centralized political organization that regulates law and society within a territory
**Sovereign state, a sovereign polity in international law, commonly referred to as a country
**Nation state, a ...
or
territory
A territory is an area of land, sea, or space, belonging or connected to a particular country, person, or animal.
In international politics, a territory is usually a geographic area which has not been granted the powers of self-government, ...
in the
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
who, along with their office,
regulate the
insurance industry
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
. The powers granted to the office of an insurance commissioner differ in each state. The office of an insurance commissioner is established either by the
state constitution or by
statute
A statute is a law or formal written enactment of a legislature. Statutes typically declare, command or prohibit something. Statutes are distinguished from court law and unwritten law (also known as common law) in that they are the expressed wil ...
. While most insurance commissioners are appointed, in some
jurisdiction
Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...
s they are elected.
The office of the insurance commissioner may be part of a larger regulatory agency, or an autonomous department.
Insurance law and regulation is established individually by each state. In order to better coordinate insurance regulation among the states and territories, insurance commissioners are members of the
National Association of Insurance Commissioners (NAIC).
Duties and powers of insurance commissioners
The purpose of insurance commissioners is to maintain fair pricing for insurance products, protect the solvency of insurance companies, prevent unfair practices by insurance companies, and ensure availability of insurance coverage. In order to accomplish these goals, each state grants several powers to insurance commissioners and their offices, including:
* Approval of insurance rates
* Periodical financial examinations of insurers
* Licensing of companies, agencies, agents, and brokers
* Monitoring and regulating claims handling
List of current insurance commissioners
, the various insurance commissioners are:
References
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