Who oversees or governs insurance brokers and agents?

Who oversees or governs insurance brokers and agents?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: Do I need insurance?; How much insurance do I need? and more...

Insurance agents, brokers and insurance companies for that matter are actually state regulated. Each state has it's own insurance department. At the head of that department is a commissioner of insurance, or a superintendent of insurance; the titles differ. Some states such as California you elect the insurance commissioner. In New York and in other states the insurance commissioner is elected by the governor. These people watch over rates to make sure people aren't being overcharged. They have market conduct exams to make sure people aren't being cheated in terms of claims and other matters. And if you ever have a complaint about your agent or broker or your insurance company for that matter, you should file it with your state insurance department.