Which of the following entities does NOT establish regulations for variable insurance products?

The state attorney general does not establish regulations for variable insurance products. Instead, the regulation of such insurance products primarily falls under the purview of the state insurance department and the federal government, which provide oversight and regulatory frameworks to ensure that insurance products adhere to established laws and standards.

Insurance companies are responsible for creating the products and must comply with regulations set forth by state insurance departments. Meanwhile, the federal government may also have a role in regulation, particularly concerning aspects that cross state lines or pertain to securities laws, as variable insurance products often involve investment components similar to mutual funds.

By contrast, the state attorney general typically focuses on enforcing consumer protection laws and taking action against unfair practices, rather than directly regulating the specifics of insurance products themselves. This distinction highlights why the state attorney general's role is not aligned with establishing regulations specific to variable insurance products.