What is the primary responsibility of insurance regulators?

The primary responsibility of insurance regulators is to ensure fair and equitable treatment of policyholders. This involves establishing and enforcing regulations that protect consumers from unfair practices, ensuring that insurance products are provided in a transparent manner and that policyholders have access to necessary information about their coverage options. Regulators oversee the insurance industry to promote fairness in how policies are marketed and priced, ensuring that companies fulfill their obligations to policyholders when claims are made. By maintaining a fair insurance market, regulators help foster trust and stability in the insurance system, which is essential for both consumers and providers. This role is crucial in balancing the interests of policyholders with the viability and profitability of insurance companies, thus promoting a healthy insurance marketplace.