All of the following are regulated areas of the insurance industry EXCEPT:

The regulation of the insurance industry encompasses a variety of areas that ensure fair practices and protect consumers. Commissions, which pertain to the fees that agents and brokers earn for selling insurance policies, fall under regulatory oversight but are often determined according to market and company practices rather than stringent regulations.

In contrast, procedures, trade practices, and investments are areas where state and federal regulations impose clear guidelines and standards. For instance, procedures refer to the methods and practices that insurance companies must follow when underwriting policies, handling clients, and processing claims. Trade practices encompass the behavior of insurers in the marketplace, ensuring they do not engage in misleading or deceptive activities. Investments are tightly regulated to maintain the financial health of insurance companies, as they must invest premiums prudently to meet future claim obligations.

Thus, while commissions do have some level of oversight, they are generally less regulated compared to the other areas listed, which experience more formal regulatory frameworks to ensure industry integrity and consumer protection.