Definition - What does Insurance Commissioner mean?
An insurance commissioner is a high ranking official in a state insurance regulatory agency who has the responsibility of running the state's insurance regulation program. These professionals are tasked with protecting policyholders from fraud and other hazards in the insurance world.
Insuranceopedia explains Insurance Commissioner
The insurance industry, like many other industries, is subject to government regulation. This regulation is designed to ensure that insurance companies follow the law and do not take advantage of customers or otherwise engage in unethical business practices.
Many people depend on insurance to protect them from financial hazards that could be truly devastating without insurance. For example, car accidents, illnesses, and weather related events can all represent extreme financial risks. Insurance commissioners help to make sure that policyholders have their interests protected when it comes to such insurance matters.
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