What is the difference between state and federal insurance regulation?

Insurance regulation is the body of law that governs the insurance industry in the United States. Federal and state laws both play a role in regulating the insurance industry, but there are some key differences between the two. Federal insurance regulation is largely focused on regulating the activities of insurance companies across state lines. This includes preventing anti-competitive behavior, protecting consumers from deceptive marketing, and providing basic protections such as minimum coverage requirements. Federal insurance regulations are enforced by the U.S. Department of Treasury, the Federal Trade Commission and the Secretary of Health and Human Services. State insurance regulation is focused on the individual state. Each state has the power to enact its own insurance regulations, and can do so in a variety of ways. States can require specific types of coverage, regulate the way insurance companies do business within state borders, and even establish specific rate requirements. However, state regulation does not extend to activities of insurers that occur across state lines, which are still regulated by federal law. In Washington, insurance regulations are overseen by the Office of the Insurance Commissioner. The Office is responsible for enforcing both federal and state insurance laws and regulations in the state, ensuring that companies comply with the applicable regulations.

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What is the difference between state and federal insurance regulation?

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