What federal laws regulate the insurance industry?

In the United States, the federal government regulates the insurance industry through a variety of laws that dictate the way insurers must operate. Insurance companies must be licensed in each state in which they transact business and must comply with state insurance laws, as well as federal laws. In Georgia, the Office of Insurance and Safety Fire Commissioner is responsible for enforcing state insurance regulations. At the federal level, the primary law regulating the insurance industry is the McCarran-Ferguson Act. This law, passed in 1945, establishes the principle that state insurance laws and regulations, as well as private contracts, will define the rights and liabilities of insurance companies. The McCarran-Ferguson Act also makes it possible for states to levy taxes on the insurance industry and to regulate insurers in order to ensure fair and reasonable rates and services. The Employee Retirement Income Security Act (ERISA) is another federal law that applies to the insurance industry. This law protects employer-sponsored retirement and health insurance plans, and it sets minimum standards for these plans. The Health Insurance Portability and Accountability Act (HIPAA) also relates to insurance, as it protects the privacy of health care information and ensures that people with pre-existing conditions can get health insurance coverage. Lastly, the Affordable Care Act (ACA) is a federal law that requires most Americans to have health insurance coverage. This law also helps people obtain insurance coverage by expanding eligibility for Medicaid and providing subsidies to help make buying health insurance more affordable. It also prevents insurers from denying coverage or charging higher premiums based on people’s pre-existing conditions.

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What federal laws regulate the insurance industry?

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