How is the insurance industry regulated?

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2007-11-14 22:33:21

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The insurance industry has some federal regulations, but the federal govenment cedes most control to the state insurance commissions, each state has one and they regulate a companies and agents in that state and all companies and agents who do business in that state. These commissions are who you would report it to if you suspected a company of illegal actions.

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2007-11-14 22:33:21
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Q: How is the insurance industry regulated?
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Is insurance considered a federally regulated industry?


Which executive agency regulates the insurance industry?

Insurance, for the most part, is regulated by the states, and most states have a "Department of Insurance"

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The most regulated Industry in the United States is Aviation.

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The insurance industry is the largest non-federally regulated industry in the US. Since the Federal Government does not regulate it, filing a complaint with the FTC would do you no good. Any complaint should be filed with your State Insurance Commissioner's office.

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What government agency oversees auto insurance companies?

No federal government agency oversees the auto insurance industry. The auto insurance companies are regulated on a state-to-state basis and would be listed as an Insurance Bureau or Department of Insurance.

Who writes the laws regulating the insurance industry within a state?

Insurance laws are written by the state legislature and are state regulated according to the McCarran-Ferguson Act of 1945.

Is online life insurance safe?

Yes going with an online insurance company is perfectly safe. As long as they are regulated by the industry body, you know they are kosher and on the up and up.

Is it true that health insurance is federally regulated industry?

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