Insurance regulation refers to the rules and laws that govern the insurance industry. These regulations are designed to protect consumers, ensure fair practices, and maintain the financial stability of insurance companies. Each state in the United States has its own regulatory body that oversees insurance providers, ensuring they meet specific standards and requirements. The primary goals of insurance regulation include safeguarding policyholders' interests, promoting competition among insurers, and preventing fraud. Regulators monitor the financial health of insurance companies, ensuring they have enough reserves to pay claims. This oversight helps maintain public trust in the insurance system.