Laws

Question 1

Ruled that the state issuance of insurance is not an interstate commerce, thus upholding states right to regulate insurance

Answer 1

1868- Paul vs Virginia

Question 2

Ruled that the insurance industry is a form of interstate commerce and should be regulated by the federal government and subject to a series of federal laws

Answer 2

1944- United States vs Southeastern Underwriters Association

Question 3

Made it clear that the states continued regulation of insurance was in the public’s best interest

Answer 3

1945- The McCarran Ferguson Act

Question 4

What year did the Supreme Court held that the McCarran Ferguson Act disallowed the Federal Trade Commission to control the health insurance industry advertising and sales literature

Answer 4

1958

Question 5

What year did the Supreme Court rule that federal securities laws applied to insurers that issued variable annuities and required these insurers to conform to both SEC and state regulations

Answer 5

1959

Question 6

The authority that requires fair and accurate reporting of information about consumers.

Answer 6

1970- Fair Credit Reporting Act

Question 7

Rules that it is a criminal offense for an individual who has been convicted of a felony involving dishonesty or breech of trust to willfully engage or participate in the business of insurance without first obtaining a Letter of Written Consent to Engage in the Business of Insurance

Answer 7

1994- United States Code Sections 1033 & 1034

Question 8

Makes it illegal to lie, falsify, or conceal information from a federal official

Answer 8

The Fraud and False Statements federal law

Question 9

Act that allowed commercial banks, investment banks, retail brokerages, and insurance companies to engage in each others line of business

Answer 9

1999- Financial Services Modernization Act

Question 10

Intended to strengthen US measures to prevent, detect, and deter terrorists and their funding

Answer 10

2001- The Patriot Act

Question 11

Allows customers to include their phone numbers on the list to which telemarketers cannot make solicitation calls

Answer 11

2003- Do Not Call Implementation Act

Question 12

Outlines the right for a customer to request a business to stop sending emails, the requirement for business to honor such requests, and the penalties incurred for those who violate that act

Answer 12

2003- CAN SPAM Act

Question 13

One of the most significant regulatory overhauls and expansions of health insurance coverage in history

Answer 13

2010- Patient Protection and Affordable Care Act