What is the primary role of the Commissioner of Insurance?

The primary role of the Commissioner of Insurance is to regulate insurance companies. This position is crucial in maintaining a fair and stable insurance market. The Commissioner ensures that insurance providers comply with state laws and regulations, which includes overseeing their financial solvency and business practices. By doing this, the Commissioner protects consumers from potential malpractices, such as fraud or insolvency, and ensures that insurance companies maintain adequate reserves to pay claims.

Regulation involves a wide range of activities, including conducting regular audits of insurance companies, ensuring that they file necessary reports and documents, and approving or rejecting insurance rates and policy forms. This oversight helps to promote competition among insurers and provides a level of transparency that benefits consumers.

The other options do not fully capture the essence of the Commissioner's responsibilities. Selling insurance policies is a function of insurance agents and brokers, managing claims falls under the responsibilities of insurance companies and their adjusters, while issuing insurance contracts is a procedural task handled by insurers themselves, rather than the regulatory authority of the Commissioner.