Superintendent of Insurance
Definition - What does Superintendent of Insurance mean?
A superintendent of insurance is a chief executive of a state insurance department. This person runs the department and is the primary leader of agencies tasked with upholding the insurance laws of the state. Their main role involves protecting consumers, discovering and prosecuting cases of fraud, and deterring it.
Superintendents of insurance are similar to insurance commissioners.
Insuranceopedia explains Superintendent of Insurance
Every state has an insurance department responsible for regulating the insurance industry. The purpose of these regulations is to protect the consumer and to make sure business is conducted in a fair and legitimate manner.
Superintendents of insurance lead the charge in these efforts. One of their major tasks is making sure the department discovers fraudulent insurance companies, prosecutes them, and has their operations cancelled. They also vet insurance companies to ensure they are legitimate. In short, their mission is to provide consumers easy access to insurance products from financially sound and reliable companies that have a reputable and proven history of offering reasonable rates through qualified and honest agents.