There is not a federal regulating body for life insurance companies; such as, the Securities and Exchange Commission, which regulates the securities industry.
The name of the regulating body for life insurance varies from state to state, but can usually be found under The Department of Insurance, or Insurance Department of your state.
Life insurance companies are also rated on performance and financial strength.
Two of the best known financial rating companies are A.M. Best Company and Standard & Poor’s. These are independent rating agencies that review the financials of insurance companies and issue financial strength ratings which are an indication of the insurer's financial stability and ability to pay their claims.
Here' is a list of the top ten best life insurance companies and their AM Best financial ratings.