State Insurance Commissioners work for state insurance departments and act as both a consumer protection advocates as well as insurance regulators. They enforce state insurance laws, strive to create a healthy environment for insurers to operate in, and educate and advocate on behalf of consumers.
State insurance commissioners are elected by the people. They certify those who are engaged in the insurance business. For example, depending on the state and the laws regulating the post, a state insurance commissioner may approve insurance forms and corporate names, receive deposits from title insurance companies as guaranteed funds to secure and protect policyholders, and certify deposits or state investment in bonds from the US government.
Insurance commissioners also license insurance companies, agents, adjusters, and bail bondsmen and investigate claims and complaints.
Because each state has specific laws and regulations, the state commissioner job description can vary from state to state. In general, they regulate the insurance industry within their state and act as a consumer advocate. To find out more about how your state insurance commissioner operates, go to your state’s department of insurance website.