Insurance regulatory bodies

Insurance regulatory bodies are government agencies responsible for overseeing and regulating insurance companies to ensure they operate fairly, maintain financial stability, and protect consumers. They set rules for licensing, solvency requirements, pricing, and consumer rights. These agencies help prevent fraud, ensure transparency, and resolve disputes, fostering trust in the insurance industry. Examples include the National Association of Insurance Commissioners (NAIC) in the U.S. and various state or national regulators worldwide. Their primary goal is to balance the interests of insurers with those of policyholders, promoting a stable and fair insurance market.