Practice Quiz

Health and Life Insurance

Category - Annuities & Policies

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The McCarran-Ferguson Act of 1974 states:
  1. Federal government can regulate business of insurance only to the extent not regulated by state law.
  2. State government can regulate business of insurance only to the extent not regulated by federal law
  3. Federal government and state government mutually regulate insurance business
  4. Federal law is only relevant to interstate commerce situations.
Explanation
Answer: A - The McCarran-Ferguson Act of 1974 states federal government can regulate the business of insurance only to the extent it is not regulated by state law. This law was implemented mainly to exempt the insurance companies from the majority of the provisions established under the federal antitrust laws.
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