What is the main responsibility of the insurance commissioner?

The main responsibility of the insurance commissioner is to regulate the insurance industry. This role involves overseeing the functioning of insurance companies to ensure they operate fairly, adhere to state laws, and provide financial stability to policyholders. The commissioner regulates practices such as licensing insurers, approving policy forms and rates, ensuring companies maintain adequate reserves, and protecting consumers from unfair practices.

While promoting insurance policies and organizing claims may be tasks undertaken by insurers themselves or their agents, they do not fall under the commissioner’s primary duties. Setting insurance premiums is a more complex process influenced by market conditions and regulatory guidelines, but it is ultimately the insurers that determine the actual rates based on such regulations. Therefore, the role of the insurance commissioner is fundamentally focused on regulation to safeguard the public interest and ensure a healthy insurance market.