Insurers are required to submit annual financial statements to

Insurers are required to submit annual financial statements to

• A. State insurance departments (correct)
• B. Federal Reserve
• C. Policyholders
• D. The public

Answer: (B)

Insurers are regulated primarily at the state level. In the United States, the state department of insurance where the insurer is domiciled requires annual financial statements to monitor solvency and compliance with state laws. These filings are collected and standardized through the NAIC to support regulation across states. The Federal Reserve regulates banks and some financial institutions linked to the banking system, not typical insurance companies, so it’s not the usual recipient of insurer annual statements. Policyholders and the public can access these financials via regulators or NAIC disclosure, but the formal submissions go to the state insurance department.

Insurers are regulated primarily at the state level. In the United States, the state department of insurance where the insurer is domiciled requires annual financial statements to monitor solvency and compliance with state laws. These filings are collected and standardized through the NAIC to support regulation across states. The Federal Reserve regulates banks and some financial institutions linked to the banking system, not typical insurance companies, so it’s not the usual recipient of insurer annual statements. Policyholders and the public can access these financials via regulators or NAIC disclosure, but the formal submissions go to the state insurance department.