The head of the state department of insurance has all of the following powers, except:

The head of the state department of insurance possesses various regulatory powers to oversee the insurance industry and ensure compliance with established laws. However, the creation and establishment of new premium rates for insurance companies is not within their typical authority. This task usually falls to the insurance companies themselves, who set their premium rates based on risk assessments, market conditions, and actuarial data. While the head of the department may approve or disapprove these rates based on compliance with the law or their reasonableness, they do not have the power to unilaterally create or set new rates.

The other options accurately reflect the roles and responsibilities typically granted to the head of the state department of insurance. They include approving rates and rate increases to ensure they meet regulatory standards, imposing penalties to uphold the insurance code and maintain integrity within the industry, and subpoenaing witnesses to assist in investigations or hearings—activities that are essential for effective regulatory oversight.