Who Regulates Insurance Underwriting?
State Regulatory Agencies Insurance is primarily regulated on a state level. Each state has an insurance department that oversees the actions and practices of insurance underwriters. Acceptability State insurance laws and regulations determine how underwriters can evaluate, accept and decline risks. Although insurance companies and underwriters have some latitude, they must adhere to insurance department mandates. Discrimination Each state insurance department sets discrimination standards that underwriters must follow when evaluating applications. Although many discrimination guidelines are set on a federal level, the states must enforce the guidelines. Complaints Complaints about underwriting practices can be submitted to your state’s insurance department. The insurance department investigates complaints for potentially unethical practices. Company Guidelines While regulatory power ultimately rests in the hands of the state insurance departments, these regulatory agencies rely on ins
