Federal Court Cases Flashcards
The United States Supreme Court ruled that insurance is not interstate commerce, thereby upholding these states right to regulate it.
Paul v. Virginia 1868
The United States Supreme Court reversed Paul, v. Virginia, and ruled that insurance is a form of interstate commerce and is subject to federal regulation.
The United States v. Southeastern Underwriter’s Association (SEU) 1944
Congress responded to the SEU decision by delegating the regulation of insurance to the states while requiring compliance with federal antitrust standards — are there directly or through comparable state laws. This Act (also referred to as public law 15) levied a maximum penalty of up to one year in jail and a fine of $10,000 for violators.
The McCarran-Ferguson Act 1970
This act was established to protect privacy by requiring the fair and accurate reporting of consumer information.
The fair credit reporting act 1970
This section of the United States code (USC) prohibits felons (those guilty of crimes involving dishonesty or breach of trust) from participating in the insurance industry without a “ letter of written consent” from their state insurance regulator. Any person who engages in intentionally unfair or deceptive insurance practices is subject to a fine of up to $50,000 or 15 years in prison and license revocation.
Amendments to USC 1033 and 1034 regarding fraud and false statements 1994
This act allowed banks to sell insurance and prompted states to create regulations for insurance companies to protect the privacy of consumer personal information.
The financial services modernization act 1999
This act focuses on the funding sources for terrorists and international money laundering in general.
The USA patriot act 2001
This allows consumers to opt out of receiving calls from telemarketers, except for those on behalf of charities, political organizations, and surveys.
The “do not call implementation act” 2003 implemented the “do not call registry”
This act outlines the right for consumers to request a business to stop sending emails, the requirements for businesses to honor such requests, and the penalties encourage for those who violate the act. The act does not apply to transactional and relationship messages.
The CAN-SPAM Act
