Arizona Life and Health Practice Exam

Which of the following entities does NOT establish regulations for variable insurance products?

1. State attorney general

2. Federal Insurance Office

3. National Association of Insurance Commissioners

4. Insurance Regulatory Examiner

The correct answer is: State attorney general

The entity that does not establish regulations for variable insurance products is the state attorney general. The role of the state attorney general primarily involves overseeing legal matters within the state, including enforcing state laws and protecting consumers. While they may have a role in consumer protection regarding misleading practices, they do not directly establish specific regulations for insurance products, including variable insurance products. On the other hand, the Federal Insurance Office plays a role in overseeing the insurance industry on a federal level, and it is involved in systemic risk assessment, which can indirectly influence regulations. The National Association of Insurance Commissioners (NAIC) is a key organization that develops model regulations and serves as a collective body for state insurance regulators, actively working on setting standards for insurance products. The Insurance Regulatory Examiner is responsible for examining and enforcing insurance regulations and practices but operates under the jurisdictions established by various regulatory bodies. Therefore, the state attorney general focuses more on legal enforcement and consumer advocacy rather than on creating regulatory frameworks specifically for variable insurance products.