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Over the past decade, renewed calls for optional federal regulation of insurance companies have sounded, including the proposed National Insurance Act of 2006. [19] The most recent challenges to the state insurance regulatory system are arguably the most significant, as well, showing further erosion of state primacy.
The state regulatory system has been described as cumbersome, redundant, confusing and costly. [13] The United States Supreme Court found in the 1944 case of United States v. South-Eastern Underwriters Association that the business of insurance was subject to federal regulation under the Commerce Clause of the U.S. Constitution. [14]
McCarran–Ferguson Act. The McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, is a United States federal law that exempts the business of insurance from most federal regulation, including federal antitrust laws to a limited extent. The 79th Congress passed the McCarran–Ferguson Act in 1945 after the Supreme Court ruled in United States v.
Formerly called. National Insurance Convention, National Convention of Insurance Commissioners. The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
Medicare (United States) Medicare is a federal health insurance program in the United States for people age 65 or older and younger people with disabilities, including those with end stage renal disease and amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease). It was begun in 1965 under the Social Security Administration and is now ...
FDIC insurance is backed by the full faith and credit of the U.S. government and guarantees bank consumers that their money is safe for up to a limit of $250,000 per depositor, per FDIC-insured ...
The Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to depositors in U.S. commercial banks and savings banks. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. Member banks' insurance dues are the primary source of funding.
Tony Cotto, director of auto and underwriting policy at the National Association of Mutual Insurance Companies, says that a federal right to repair bill could mean relief for relentlessly rising ...