Mayhall

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Author:
ED_6C3
ID:
267006
Filename:
Mayhall
Updated:
2014-03-18 21:00:21
Tags:
6C
Folders:
Legal & Historical Cases
Description:
6C
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  1. Evolution of US insurance regulation
    • Paul v. Virginia (1869) - US Sup Court held that insurance was not commerce; state insurance regulation did not violate constitution - no basis for federal regulation
    • 1871: National Association of Insurance Commissioners is formed to coordinate state insurance activities and pool resources
    • US v. South-Eastern UW Association (1944) - US Sup Court finds that insurance is commerce and therefore subject to federal regulation
    • 1945: Congress’ response: McCarran-Ferguson Act; regulation of insurance by the state government is in the public interest. No federal law should be construed to invalidate any state law relating to insurance, unless is specifically relates to insurance
  2. 3 federal laws applicable to the business of insurance
    • Sherman Act
    • Clayton Act
    • Federal Trade Commission Act
    • all intended to prevent and restrict anticompetitive practices (cartels, monopolies, …)
  3. Examples of state law encroachment
    • Gramm-Leach-Bliley Act: set out certain minimum standards that state insurance laws and regulations are required to meet or else face preemption by federal laws
    • Patient Protection and Affordable Care Act: health insurance market reform creating specific requirements for health benefit plans mandating certain coverage requirements
    • Dodd-Frank Wall Street Reform and Consumer Protection Act: authorize federal bodies to collect data, monitor market, require a state regulator to apply or heighten standards

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