What US McCarran-Ferguson Act (15 USC ch 20): State Regulation of Insurance and the Antitrust Exemption requires
The McCarran-Ferguson Act (15 U.S.C. ch. 20) establishes that the regulation and taxation of the business of insurance is primarily a matter for the States, and provides a limited federal antitrust exemption for insurance, applied by the courts and the state insurance commissioners. Section 1011 declares the policy that the continued regulation and taxation by the several States of the business of insurance is in the public interest. Section 1012 implements that policy: subsection 1012(a) provides that the business of insurance is subject to state law, and subsection 1012(b) provides that no federal statute shall be construed to invalidate, impair or supersede a state law regulating insurance unless the federal statute specifically relates to the business of insurance, which is the source of the McCarran-Ferguson reverse-preemption doctrine. Section 1013 sets the antitrust position: subsection 1013(a) makes the Sherman Act, the Clayton Act and the Federal Trade Commission Act applicable to the business of insurance only to the extent that it is not regulated by state law, while subsection 1013(b) provides that the Sherman Act always applies to agreements or acts of boycott, coercion or intimidation, and subsection 1013(c), added by the Competitive Health Insurance Reform Act of 2020, withdraws the exemption for the business of health insurance. Section 1014 addresses the effect on other laws and section 1015 defines State. The Act is the legal foundation of the US state-based insurance regulatory system and its antitrust treatment.
Pillar: Insurance & Risk · Authority: US Congress / state insurance commissioners and the courts · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title15/html/USCODE-2022-title15-chap20.htm
SHA-256 integrity: 9117819d055f4af8725a776af1a684d45946b9ab8f4437d5bc50db911d697006
Primary Citations — 8 traced to source
- McCarran-Ferguson Act, 15 U.S.C. 1011 - declaration of policy.
- McCarran-Ferguson Act, 15 U.S.C. 1012(a) - regulation by state law.
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