Arrowsmlft.gif (338 bytes)Previous Table of Contents NextArrowsmrt.gif (337 bytes)

27
The Regulation of Life Insurance
Part 2

Jon S. Hanson

Chapter Outline

ALLOCATING REGULATORY AUTHORITY BETWEEN FEDERAL AND STATE GOVERNMENT
The Preemption Doctrine
Commerce Clause Limitations
McCarran Act and Its Impact on Constitutional Limitations
EARLY FEDERAL-STATE INTERACTION
INCREASING APPLICABILITY OF FEDERAL ANTITRUST LAW TO THE BUSINESS OF INSURANCE
Narrowing the Scope of McCarran Act Antitrust Exemption
Overview of the Nature of the Federal Antitrust Laws
Impact of Applying Antitrust Law to the Insurance Business
DUAL FEDERAL-STATE REGULATION AND STATE RESPONSES
Trade Practices: Potential Role for the FTC
Investment-oriented Products: SEC as Major Regulatory Participant
Acquisitions and Mergers: Interplay of Federal Antitrust Law, Federal Securities Laws, and State Insurance Regulation
Direct Federal Solvency Regulation
Alternative State Responses to Nationwide Regulatory Problems
Convergence of Financial Services and Internationalization of Trade

With early Supreme Court decisions barring federal control, followed by the McCarran Act invitation for the states to regulate (as discussed in chapter 26), the vast bulk of insurance regulation fell to the states. Nevertheless, the federal presence was felt, is increasing, and at some point may assume a dominant role. Thus understanding the regulation of insurance requires a sense of the interaction between the state and federal levels of government.

Arrowsmlft.gif (338 bytes)Previous TopArrowsm.gif (337 bytes) NextArrowsmrt.gif (337 bytes)