what organization oversees insurance?

Question

Thanks. But do you go to the state you are living in or to the state that the insurance compay is based out of?

Answer 1

Each state has a department of insurance to "oversee" insurance. They basically set the standards in that particular state that insurance companies must obide by when writing their policies and settling claims.

The DOI in the state that you live in regulates how the insurance company does business in your state so you would go to them.

Answer 2

If you have a complaint (which I am guessing is the point of your question), insurance companies are regulated by the State Board of Insurance in your state.
Regardless of where the "home" or "headquarters" of the insurance company is, your state insurance regulatory office is where you need to go.
Also, since most (not all) insurance forms are standardized, there is an organization called ISO (Insurance Services Office) that regualtes the wording and layout of the various insurance policy forms and endorsements.
I hope this helps!

Answer 3

If the policy was sold in your state, there are two options: 1. that the insurance company is admitted to do business in your state or 2. they are NOT admitted to do business in your state. If they are NOT admitted, it would be stamped all over your policy in red, and you would have had to pay a stamping fee, and a surplus lines tax. If your policy is from a "nonadmitted carrier", you are SOL, there is effectively no oversight.

If your policy is NOT stamped "non-admitted", then it is subject to the rules & regulation of YOUR state insurance department, so you can contact them.

There is no federal "oversight" committee for insurance. Each state maintains its own laws, and does things their own way.

Answer 4

The department of insurance in your state oversees insurance and will usually have a website.

Answer 5

The state you bought the insurance in is the state you need to go. In order to sell insurance in the state, they need to be licensed by that state, thus giving the state oversight over them.