What is the role of the insurance commissioner?

The role of the insurance commissioner in New Jersey is to regulate and oversee the insurance industry in the state. The commissioner sets regulations for insurance companies to follow and reviews complaints from consumers about insurers. They also investigate potential violations of insurance laws, such as deceptive practices or other illegal activities by insurers. The insurance commissioner also manages the solvency and soundness of insurers to protect the interests of policyholders. They approve rates and forms, and review companies’ financial statements to ensure solvency. The insurance commissioner also works to protect consumers by advocating for their interests and providing education about insurance law. The commissioner’s office also administers the New Jersey Unfair Claims Settlement Practices Act, which creates regulations for insurers’ handling of claims. Finally, the insurance commissioner also serves as the administrator of the New Jersey Guaranty Fund, which provides protection to policyholders if their insurer becomes insolvent.

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What is the role of the insurance commissioner?

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