What federal laws regulate the insurance industry?

Insurance companies in Washington must abide by several federal laws that regulate their industry. The National Association of Insurance Commissioners (NAIC) has established a set of requirements and standards that each state must follow. The first of these is the McCarran-Ferguson Act, which generally exempts the insurance industry from being regulated by the federal government. The act also gives state insurance commissioners the right to regulate the industry in their state. The Health Insurance Portability and Accountability Act (HIPAA) requires insurance providers to protect the privacy and security of personal health information. The Affordable Care Act (ACA) establishes minimum standards of coverage and financial assistance for people who purchase health insurance. The Dodd-Frank Wall Street Reform and Consumer Protection Act regulates the activities of insurance companies and reinsurance companies, including their investment and capital requirements. This ensures that insurance companies have enough money to pay out claims. The Financial Stability Oversight Council (FSOC) was established to monitor and oversee the financial health of insurance companies in the US. The FSOC is also responsible for setting and enforcing standards related to solvency and liquidity. The National Flood Insurance Program provides affordable insurance coverage for property owners in areas prone to flooding. Lastly, the Terrorism Risk Insurance Act (TRIA) provides a federal backstop for businesses affected by acts of terrorism. All of these federal laws are designed to ensure that insurance companies in Washington are meeting their obligations and providing safe, secure coverage to their consumers.

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What federal laws regulate the insurance industry?

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