Who regulates the Insurance Industry, the federal organization or respectively State?
Answers:
Both.
Day to day regulation of rates, policy forms, agents, etc. is done at the state even through the state department of insurance.
Various federal laws also apply to the extent that they are not superceded by state decree.
Other Answers:
Primarily the states.
Each state have an Insurance Commissioner. All of the insurance commissioners collectively make up the NAIC (National Association of Insurance Commissioners). While the NAIC issues guidelines and prototype ruling, the individual states have final control over the running of their state. i believe it is for a while of both. but mostly the state itself
Individual states enjoy directors of insurnace.