What is the primary role of the insurance commissioner in South Dakota?

The primary role of the insurance commissioner in South Dakota, or in any state, is to regulate the insurance industry and protect consumers. This includes overseeing insurance companies, ensuring they operate fairly and maintain financial stability, and enforcing state laws related to insurance practices. The insurance commissioner monitors the marketplace to ensure competition and consumer protection, addresses complaints from the public, and can take disciplinary action against insurers that do not comply with regulations. This regulatory oversight is vital to maintaining trust in the insurance system and ensuring that consumers have access to fair and reliable insurance coverage.

While investigating insurance fraud is an important function of the insurance department, it is just one aspect of a broader regulatory mission. Legal services to policyholders may be provided through other organizations or processes, and the selling of insurance policies is the role of agents and brokers, not the commissioner. Therefore, the focus on regulation and consumer protection distinctly defines the role of the insurance commissioner.