What is PUBLIC LAW 15?

Public Law 15  also known as The McCarran Act, 79th Congress, 1945. McCarran-Ferguson Regulation Act: 15 U.S.C. 1011-15.

Public law 15 at was a congressional act on March 9th, 1954. The law as enacted to grant authority to states to tax and regulate all types of insurance.  The legislation was made necessary by  the 1944 Supreme Court decision in United States v. South-Eastern Underwriters Ass’n, 322 U.S. 533, 64 S. Ct. 1162, 88 L. Ed. 1440 (1944). This landmark case where the  insurance business had been held by the Supreme Court “ to be commerce and, therefore, subject to federal regulation whenever subject to interstate regulation.” 

Public law 15 therefor, exempted the insurance business from federal antitrust laws to the extent that the individual states regulate the industry. Stating if insurance is properly regulated at a state level it is not subjected to any anti-trust laws at a federal level. Shifting insurance regulation to the states, except for coercion, intimidation and boycotts. 

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