|
A |
There is no regulatory
body that oversees the performance of the insurance
companies. However, in the United States the activities
of insurance companies are monitored by the specific
states under which they fall. The state insurance
regulatory agency is called by different terms such as –
insurance department, insurance bureau, division of
insurance, etc., and each insurance department in a
state takes care of the insurance companies within that
state. In order to ensure fairness in insurance
business, the department of insurance takes action
against insurance companies that violate law and imposes
punishment. The insurance department has also enforced
law for unfair trade practices to curb unfair dealings
by insurance companies. |
