Mayhall

Question 1

Mayhall - Paul v. Virginia

Answer 1

US supreme court decided insurance was not commerce and therefore no basis for federal regulation of insurance

Question 2

Mayhall - Supreme Court in United States v. South-Eastern Underwriters Association

Answer 2

found business of insurance was subject to federal regulation under the Commerce Clause of the US Constitution, overturning Paul v. Virginia

Question 3

Mayhall - McCarran-Ferguson Act 1945

Answer 3

regulation of insurance by state government is in the public interest; also incorporated federal antitrust legislation

Question 4

Mayhall - Gramm-Leach-Bliley Financial Modernization Act 1999

Answer 4

broke down rules against affiliation of banks, securities firms, and insurance companies; set minimum standards for state insurance law or else preemption by federal law

Question 5

Mayhall - Patient Protection and Affordable Care Act (PPACA)

Answer 5

reform of health insurance market; requirements for health benefit plans to be marketed through federally-mandated, state-created insurance exchanges; mandated coverage requirements

Question 6

Mayhall - Dodd-Frank

Answer 6

created FIO to collect info and create proposal on regulatory framework; created FSCO to monitor financial services markets and identify potential risk of financial stability of the US