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.
Read the full definition at Law Dictionary: What is PUBLIC LAW 15? definition of PUBLIC LAW 15 (Black’s Law Dictionary) http://thelawdictionary.org/public-law-15/#ixzz2bUx9XK9t
- What is a Public Trust Security Clearance?
- How Do I Get My Auto Insurance Broker License in California?
- Can I Apply for Medicaid If We Already Have Private Health Insurance?
- What Is the Age Limit for a Son or Daughter to Be Covered on Health Insurance?
- Can a DUI Conviction Affect You After Moving to a Different State?
- Obtaining a Real-Estate License after Filing for Bankruptcy
- Can an Employer Legally Decrease Your Salary If It Is Stated in Your Contract?
- How Much Will My Car Insurance rate Go Up for Three Points on My License?
- Timeline: Insurance Company Response to Legal Demand Letter
- Do I Have to Pay Income Taxes on a Life Insurance Payout?
Related Legal Terms
Personal Injury Law, Life Insurance Law, Family Law Statutes, Limited Tort Law, Workers Compensation Law