What in your opinion are the main functions of an insurance regulatory department/ division?

Expert Solution

Insurance regulatory regulates the insurance industry

The main functions of an insurance regulatory department/division are as follows :

1) The insurance regulatory department issues license or certificate to insurance companies

2) The insurance regulatory department provides law and regulation to insurance companies

3) The regulatory department regulates the insurance premium and the insurance cover.

4) They provide guidelines for the functioning of insurance companies,

5) They also protects the interests of the customers of insurance companies

6) They provide guidelines to insurance companies for preparation of its financial statements

7) They also provide guidelines and keep a watch on the investment of policyholders fund through insurance premium

jeff jeffy answered 2 years ago

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