What is NOT a function of the Insurance Commissioner?

The role of the Insurance Commissioner encompasses various regulatory functions aimed at maintaining a fair and stable insurance marketplace. Among these responsibilities, ensuring compliance with insurance laws, revoking licenses for non-compliance, and regulating unauthorized insurers are significant duties.

The primary responsibility of the Insurance Commissioner does not include setting rates for insurance policies. Instead, the insurance market primarily operates under the principle of competitive pricing. While the Commissioner can monitor and review rates to ensure they are not discriminatory or inadequate, they do not have the authority to unilaterally set or control the rates insurance companies charge. This regulatory structure is designed to promote competition among insurers, allowing the market to dictate pricing more effectively than a regulatory body could.

In summary, setting rates for insurance policies is not a direct function of the Insurance Commissioner, aligning with the principle of maintaining a competitive insurance environment where insurers have the flexibility to determine their own rates.