What is one of the main responsibilities of the Commissioner of Insurance in North Carolina?

The role of the Commissioner of Insurance in North Carolina includes conducting examinations of insurance entities to ensure that they comply with state laws and regulations. This is a critical responsibility because it helps maintain the integrity and financial health of the insurance companies operating within the state. By reviewing their practices, financial statements, and overall operations, the Commissioner can identify any issues that may threaten the solvency and reliability of these companies, thereby protecting consumers.

While issuing life insurance policies, setting insurance premium rates, and providing insurance education are important aspects of the insurance industry, they do not fall under the primary responsibilities of the Commissioner. The Commissioner does not directly issue policies or set rates; rather, these actions are performed by licensed insurance companies. The educational component also plays a role in the broader insurance system but is not a central mandate of the Commissioner's duties. The focus on regulatory oversight through examinations underscores the commitment to consumer protection and the stability of the insurance market in North Carolina.