Who Regulates Home Owners & Auto Insurance?
You pay a premium to your insurer thinking it will cover you at a time of loss. Unfortunately, insurers might undervalue claims or dispute claims. To resolve these disputes and oversee insurance companies, states have regulatory agents in the form of insurance commissioners.
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Insurance Commissioner
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Each state has an Office of the Insurance Commissioner, which has power to regulate any insurance company that transacts business within the state by insuring state residents.
Fair Dealing
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The insurance policy is a contract between the consumer and the insurance company. Via this contract, the insurance company owes the insured a duty of good faith and fair dealing in exchange for the insured's timely payment of the premiums. When the insurance company evaluates an insurance claim, it must uphold the insured's best interest and not unreasonably deny coverage.
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Market Research
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The Office of the Insurance Commissioner's website lists all of the insurance companies it has received complaints about and the number of complaints per company. This information is available free to the public.
Complaint
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Consumers whose insurance company is unreasonably denying coverage or delaying in payment, may file a complaint online with that state's insurance commissioner.
Action
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Upon receipt of consumer complaints, the insurance commissioner sends the insurance company a warning letter, outlining its obligations under state law, and urging immediate cooperation and compliance.
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