What primarily governs Independently Procured Coverage (IPC)?

Independently Procured Coverage (IPC) is primarily governed by the Unauthorized Insurers Acts. These acts provide a framework to regulate insurance companies that operate in a given state but are not licensed to do so under that state's laws. The Unauthorized Insurers Acts ensure that insurers comply with specific requirements when providing coverage directly to consumers or businesses in a state, even if they do not have a physical presence there.

These acts are crucial for protecting the public from unregulated insurance practices that could lead to inadequate coverage or financial instability. They set out the legal groundwork for how coverage can be obtained from foreign or surplus lines insurers, emphasizing the need for transparency and consumer protection in the procurement of insurance.

While the other options do play roles in the overall regulatory landscape of insurance, they do not specifically govern IPC. The Federal Insurance Regulations provide overarching federal guidance, the Office of Insurance Regulation oversees licensed insurers within the state, and the National Association of Insurance Commissioners is a collective of state insurance regulators that works on best practices and model laws but does not directly govern IPC.