Who regulates insurance companies?
The individual state departments of insurance, led by the insurance commissioner of each state. They also have to abide by any federal regulations that apply to them. Firstly, Insurance companies are being regulated by the government of the location, where the company is located and the location where the client is currently positioned.
Is car insurance regulated by the government?
In reality, the federal government leaves much of these car insurance regulations up to each state to implement. As a result, each state has its own set of laws that govern auto insurance. In most states, federal car insurance law does state that all drivers must secure some type of insurance policy in order to be able to drive a vehicle.
How is insurance regulated in the UK?
The twin peak regulators In 2013, the government implemented wide-ranging reforms to the way the financial services sector – including insurance – is regulated. The body which regulated the UK financial services industry, the Financial Services Authority (FSA), was replaced by two new regulatory bodies.