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Therefore, the fundamental purpose of insurance regulatory law is to protect the public as insurance consumers and policyholders. Functionally, this involves: Licensing and regulating insurance companies and others involved in the insurance industry; Monitoring and preserving the financial solvency of insurance companies;
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
See also 10 USC 2331 Procurement of services: contracts for professional and technical services and AFARS 5137.104—Personal Services Contracts. See also agency regulations on specific prohibitions on use of service contractors for inherently governmental activities under OMB Circular A-76, for example, Army Regulation (AR) 735–5, para 2-11 ...
However, federal procurement is much more heavily regulated, subject to volumes of statutes dealing with federal contracts and the federal contracting process, mostly in Titles 10 (Armed Forces), 31 (Money and Finance), 40 (Protection of the Environment), and 41 (Public Contracts) within the United States Code.
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.
The DFS has the authority to license and regulate service contract providers. [20] A list of the currently licensed service contractor providers can be found at Currently Registered Service Contract Providers. New York State and other states, such as California, [5] have the authority to fine or prosecute unlicensed service contract providers. [21]
The Office of Federal Contract Compliance Programs (OFCCP) is part of the U.S. Department of Labor. OFCCP is responsible for ensuring that employers doing business with the federal government comply with the laws and regulations requiring nondiscrimination.
GLBA defines financial institutions as: "companies that offer financial products or services to individuals, like loans, financial or investment advice, or insurance". The Federal Trade Commission (FTC) has jurisdiction over financial institutions similar to, and including, these: Non-bank mortgage lenders, Real estate appraisers, Loan brokers,