In Maryland, who regulates and oversees the insurance industry?

In Maryland, the regulatory oversight of the insurance industry is primarily the responsibility of the Insurance Commissioner. This position is critical because the Insurance Commissioner is tasked with ensuring that insurance companies operate fairly and within the bounds of state laws, protecting consumers' interests while maintaining a stable insurance market. The Commissioner oversees the licensing of insurance agents and brokers, reviews rate changes proposed by insurers, and ensures that companies fulfill their obligations to policyholders.

While the Governor does have a role in the overall governance of the state and can influence insurance policy through appointments and legislative priorities, the specific regulatory functions and oversight belong to the Insurance Commissioner. The state legislature is responsible for enacting laws that govern insurance practices, but implementation and enforcement of those laws lie with the Insurance Commissioner. Likewise, the consumer protection agency focuses on broader consumer rights issues and may intersect with insurance matters, but it is not the primary regulatory body for the insurance industry itself. Thus, the focus on the Insurance Commissioner as the distinct entity responsible for overseeing the insurance industry makes this answer correct.