What federal laws regulate the insurance industry?

Federal laws that regulate the insurance industry in Oregon are mainly adopted from the federal government. The most prominent of these laws is the McCarran-Ferguson Act of 1945. This landmark legislation established that the regulation of insurance is largely a state responsibility and that the federal government should not interfere with state regulation. The Gramm-Leach-Bliley Act of 1999 provides additional federal oversight of the insurance industry by requiring companies to disclose their privacy policies. This requires insurance companies to let consumers know what personal information they collect about them and how they use it. The Affordable Care Act of 2010 (ACA) is another federal law that regulates the insurance industry in Oregon. This law requires health insurers to offer certain essential services, including free preventive screenings, and provides incentives to employers who offer health insurance to employees. Additionally, the ACA requires insurers to accept people with pre-existing medical conditions and prohibits them from increasing premiums based on health status. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is another federal law that regulates the insurance industry. This law created the Federal Insurance Office, which monitors the insurance industry and reviews international treaties that have an impact on the industry. It also requires insurers to report on their activities and sets up a process for state insurance departments to report to the federal government.

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What federal laws regulate the insurance industry?

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