Which entity provides oversight of life insurance and health insurance regulations?

The oversight of life insurance and health insurance regulations is primarily the responsibility of State Insurance Commissions. Each state has its own insurance department or commission that is tasked with regulating the insurance industry within that state. This includes licensing insurers and agents, ensuring compliance with state laws, examining the financial solvency of insurance companies, and protecting consumer rights regarding insurance products.

State Insurance Commissions serve as the first point of contact for consumers and companies regarding insurance matters and have the authority to enforce regulations to ensure that insurance markets operate fairly and efficiently. The decentralized nature of insurance regulation means that each state can tailor its regulations to meet local needs, which is a distinguishing feature of the U.S. insurance regulatory framework.

Other entities mentioned, such as the Federal Reserve, the National Insurance Association, and the Consumer Financial Protection Bureau, do not have the primary responsibility for overseeing life and health insurance regulations. The Federal Reserve focuses more on banking and monetary policy, while the Consumer Financial Protection Bureau deals with consumer protection in financial services more broadly, and the National Insurance Association is not a regulatory body but rather a trade organization.