Quora Answer: Are Insurance Companies Accountable to Anyone?

The following is my answer to a Quora question: “Are insurance companies accountable to anyone?”

Like all financial institutions, insurance companies are accountable to the regulators and the central bank.  That is the legal framework.  Additionally, they are accountable to their shareholders and their policy holders.  If they are public listed companies, they are also accountable to the listing authorities.  It is impossible to have any sort of financial institution that does not have to be accountable to anybody.