Which of the following does not regulate insurance policies?

The Federal Insurance Administration is the correct answer because it does not regulate insurance policies in the same way the other entities do. While it was involved in insurance-related matters, particularly in the context of flood insurance, it was primarily focused on administering specific programs rather than regulating the overall insurance market.

In contrast, the Securities and Exchange Commission (SEC) is responsible for overseeing securities markets and protecting investors, which includes certain aspects of insurance products that are considered securities. The National Association of Insurance Commissioners (NAIC) is a collective of state insurance regulators that develops model laws and regulations for states to adopt, thereby playing a vital role in insurance policy regulation. The Securities Act of 1933 aims to control the securities industry, including some insurance products that are classified as securities.

Thus, when considering which option does not primarily focus on the regulation of insurance policies themselves, the Federal Insurance Administration stands out as it operates more as an administrator than a regulator.