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The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. The NAIC is an Internal Revenue Code Section 501(c)(3) non-profit organization.
An insurance commissioner (or commissioner of insurance) is a public official in the executive branch of a state or territory in the United States who, along with their office, regulate the insurance industry. The powers granted to the office of an insurance commissioner differ in each state.
SR-22 insurance is not a type of car insurance policy. An SR-22 is a form filed by your insurance company that states you hold the minimum required amount of car insurance in your state ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
Car insurance can be complicated, since a policy may contain multiple types of coverage and have rules regarding who is covered and in what cases the auto insurance covers the car or the driver.
The board determined policy and rates and authorized rules, while the commissioner was responsible for administrative operations and was appointed by the board. The primary functions of the agency included licensing domestic and out-of-state insurance companies and regular monitoring of its practices and rates.
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