Who Governs Life Insurance Companies?
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63333 POINTSview profilePeggy MaceMost of the U.S.Life insurance companies are governed by the state in which the policy is sold. The regulatory body for life insurance companies and agents is usually called the state Department of Insurance, although it can have other titles. Each Department of Insurance has a commissioner who is a member of the National Association of Insurance Commissioners, a group which provides some uniformity to state regulations.Answered on August 28, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaInsurance companies are “domiciled” in a state. The particular state insurance commissioner supervises the activities of the companies domiciled in it. A company operates in one to fifty states. In order to operate in a state the insurance company must make application to be “admitted.” The state insurance commissioner for that state supervises the operations of the company in that state. These are the governmental regulators. Each company is organized and generally has a board of directors that govern the operations of the company.Answered on July 3, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! There are several Government bodies that regulate some or all of an insurance companies dealings. The SEC watches over securities and variable annuity transactions, FINRA is a watchdog, and the States all have Departments of Insurance that monitor our activity. The States' insurance commissioners are also part of a national group. There are a lot of eyes on our insurance money, and where it goes. Thanks for asking!Answered on July 7, 2014flag this answer
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