Claims settlement practices of insurers are regulated by:

The Internal Revenue Service (IRS) primarily focuses on tax collection and enforcement of tax laws. While it may indirectly influence insurance companies through taxation policies, it does not regulate claims settlement practices or the operations of insurers.

The National Association of Insurance Commissioners (NAIC) is an organization that provides a forum for state regulators to collaborate and develop model laws and standards. However, it does not have the authority to enforce regulations; instead, individual state insurance departments implement and enforce the regulations within their states.

Claims adjusters are professionals employed by insurance companies to investigate and evaluate claims. While they play a crucial role in the claims process, they do not regulate or govern claims settlement practices; their function is to assess claims based on the guidelines set forth by insurers and regulatory bodies.