What federal laws regulate the insurance industry?

The insurance industry in Florida is regulated by both state and federal laws. The most common federal laws that affect the insurance sector are the McCarran-Ferguson Act of 1945, The Employee Retirement Income Security Act (ERISA) of 1974, and the Gramm-Leach-Bliley Act of 1999. The McCarran-Ferguson Act allows states to regulate the insurance industry and it prevents anti-trust laws from being applied to the insurance sector. This law also limits the federal government’s ability to interfere with state regulations. The Employee Retirement Income Security Act (ERISA) of 1974 established rules that protect employee benefits from unfair practices. This law also regulates employee benefit plans and requires employers to give employees information about their benefit plans and associated costs. The Gramm-Leach-Bliley Act of 1999 regulates the privacy of consumer financial information and it created a way for banks and insurance companies to provide services to each other. This law also required the creation of the Financial Industry Regulatory Authority (FINRA) which sets restrictions on how financial firms can do business. Overall, the federal laws that regulate the insurance industry help to protect consumers, provide transparency regarding insurance contracts, and limit the activities of insurance companies. By following these laws, insurance companies are able to provide quality products and services that meet their clients’ needs.

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What federal laws regulate the insurance industry?

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