Final answer:
Crimes related to insurance which affect interstate commerce are prosecuted by the US Attorney General as per US Code 1033. The U.S. insurance industry is regulated by state regulators and the National Association of Insurance Commissioners, who lack prosecutorial powers.
Step-by-step explanation:
Under US Code 1033, which addresses crimes by or affecting persons engaged in the business of insurance that affect interstate commerce, the enforcement and prosecution are led by the US Attorney General. The Department of Justice is the federal institution responsible for enforcing the laws of the United States and prosecutes cases on a federal level, including those involving insurance fraud that affects interstate commerce, while insurance regulation itself is carried out primarily at the state level through state regulators and the National Association of Insurance Commissioners (NAIC).
The state insurance regulators and NAIC work together to achieve the dual goals of maintaining low insurance costs and ensuring insurance coverage for everyone. However, the NAIC does not have prosecutorial powers, which rest with the Department of Justice under the supervision of the US Attorney General. State Attorney Generals may also pursue prosecution of insurance crimes within their respective states, but under US Code 1033, the federal prosecution is conducted by the US Attorney General's office.