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The 79th Congress passed the McCarran–Ferguson Act in 1945 after the Supreme Court ruled in United States v. South-Eastern Underwriters Association that the federal government could regulate insurance companies under the authority of the Commerce Clause in the U.S. Constitution and that the federal antitrust laws applied to the insurance ...
The McCarran-Ferguson Act specifically provides that the regulation of the business of insurance by the state governments is in the public interest. Further, the Act states that no federal law should be construed to invalidate, impair or supersede any law enacted by any state government for the purpose of regulating the business of insurance ...
Despite the long history of state-based insurance regulation, federal regulatory influence has been expanding in the past several decades. Early federal laws passed included the National Flood Insurance Act of 1968, and a Federal Crime Insurance Program was implemented which the Government Accountability Office recommended terminating in 1982. [15]
Life insurance also covers end-of-life expenses like funerals. In 2023, the National Funeral Directors Association reported that the median cost of an adult’s funeral with a viewing and burial ...
The United States Office of Personnel Management (OPM) manages the United States federal civil service by providing federal human resources policy, oversight, and support, and tends to healthcare (FEHB), life insurance (FEGLI), and retirement benefits (CSRS and FERS, but not TSP) for federal government employees, retirees, and their dependents ...
Permanent life insurance: Permanent life insurance offers coverage until the policyholder’s death as long as the other terms of the insurance contract are met (e.g. the premium is paid). This ...
The Federal Employees' Group Life Insurance Act (FEGLIA) is a United States federal statute passed by the 83rd U.S. Congress and signed into law by President Dwight D. Eisenhower on August 17, 1954. [2] The act provided for a group life insurance policy for most federal employees, similar to those provided for employees of most large industries.
Allstate vs. State Farm: Types of Coverage. When it comes to coverage, each insurance company offers the most popular types of insurance such as home, auto, renters and life insurance. Take a ...