Insurance Commissioner NC: 10 Facts You Need to Know

10 Essential Details about the Insurance Commissioner in North Carolina

The Insurance Commissioner of North Carolina plays a vital role in regulating and overseeing the insurance industry within the state. Here are ten essential facts about this crucial position:

1. Who is the Insurance Commissioner?

The Insurance Commissioner is an elected official who serves as the head of the North Carolina Department of Insurance. They are responsible for ensuring that insurance companies operating in the state comply with all applicable laws and regulations.

2. What are the Key Responsibilities?

The Insurance Commissioner has a wide range of responsibilities, including:

• Regulating insurance companies
• Approving insurance rates
• Investigating consumer complaints
• Enforcing insurance laws
• Educating consumers about insurance

3. What are the Qualifications for the Position?

To be eligible for the position of Insurance Commissioner, candidates must meet the following criteria:

• Be at least 25 years old
• Be a resident of North Carolina
• Have at least five years of experience in the insurance industry
• Have a bachelor's degree from an accredited university

4. How Long is the Term of Office?

The Insurance Commissioner serves a four-year term and can be re-elected for an unlimited number of terms.

5. What is the Current Insurance Commissioner?

The current Insurance Commissioner of North Carolina is Mike Causey, who was elected in 2016 and re-elected in 2020.

6. What is the Department of Insurance?

The North Carolina Department of Insurance (DOI) is the state agency responsible for regulating the insurance industry. The DOI is headed by the Insurance Commissioner and has a staff of over 200 employees.

7. What Services Does the DOI Provide?

The DOI provides a wide range of services to consumers, including:

• Information about insurance coverage
• Assistance with filing insurance claims
• Investigation of insurance complaints
• Education about insurance scams

8. What is the DOI's Budget?

The DOI's budget for the 2022-2023 fiscal year is approximately $25 million.

9. What is the DOI's Phone Number?

The DOI's phone number is (919) 807-6800.

10. What is the DOI's Website?

The DOI's website is www.ncdoi.com.

Conclusion** The Insurance Commissioner of North Carolina plays a vital role in protecting consumers and ensuring the solvency of the insurance industry. By understanding the key facts about this position, consumers can be better informed about their insurance rights and responsibilities.