Regulation of Insurance – The responsibility to regulate the insurance industry is shared jointly by the federal government and state government.
The McCarren-Ferguson Act:
The Insurance Commissioner/Director:
The role of the insurance commissioner/director is to:
Cease and Desist Orders - All states have enacted laws that provide the Insurance Commissioner/Director with powers to conduct hearings in regard to possible unlawful acts in the performance of agents, adjusters, and companies. Following a hearing, the Commissioner/Director may issue a cease and desist order demanding that the offender refrain from committing the offenses immediately. The Commissioner/Director may suspend, revoke or fine the offender depending on the nature of the offenses and/or if the act was intentional.