Chapter 8 Vocab (Notes)

Question 1

Paul v Virginia (1868)

Answer 1

Supreme Court ruled that insurance was not interstate commerce and that the states rather than the federal government had the right to regulate the insurance industry

Question 2

US v South-Eastern Underwriters Association (1944)

Answer 2

the court ruled that insurance was interstate commerce when conducted across state lines and was subject to federal anti-trust laws

Question 3

McCarran-Ferguson Act (1945)

Answer 3

states that continued regulation and taxation of the insurance industry by the states are in the public interest

Question 4

Financial Modernization Act (1999)

Answer 4

changed federal law that earlier prevented banks, insurers, and investment firms from competing outside their core area

Question 5

Domestic Insurer

Answer 5

domiciled in the state

Question 6

Foreign Insurer

Answer 6

an out of state insurer that is chartered by another state, but is licensed to operate in the state

Question 7

Alien Insurer

Answer 7

an insurer that is chartered by a foreign country, but is licensed to operate in the state