What is the primary role of the insurance commissioner?

The primary role of the insurance commissioner is to enforce state insurance codes and regulations. This function is essential for ensuring that insurance companies operate fairly and in compliance with the laws designed to protect consumers and maintain market stability. The insurance commissioner oversees the insurance industry within their jurisdiction, which includes the authority to approve insurance products, ensure financial solvency of insurers, and penalize companies that engage in unfair practices.

In fulfilling this role, the insurance commissioner also serves as a regulatory body to monitor the conduct of insurers and ensure they adhere to both state and federal laws. This includes the examination of rates, policy forms, and other practices to safeguard consumer interests and foster a competitive insurance marketplace.