Which entity does NOT establish regulations for variable insurance products?

The state attorney general does not establish regulations specifically for variable insurance products. The role of the state attorney general primarily focuses on enforcing state laws and protecting consumers, including overseeing legal and compliance issues. However, the regulation of variable insurance products falls primarily under the purview of entities that specifically govern insurance and securities.

State insurance departments are responsible for overseeing insurance practices within their jurisdictions, including variable insurance products. The state securities commission is involved in regulating securities products and is critical when it comes to the investment components of variable insurance.

Additionally, the Federal Trade Commission plays a role in protecting consumer rights and fair trade practices, but it does not directly regulate variable insurance products. Through their unique mandates, these entities work to ensure that insurance products are developed and marketed in compliance with relevant laws and regulations, which is something the attorney general does not do with respect to variable insurance products.