How “states rights” will bring the downfall of property/casualty insurance starting in CA
McCarran-Ferguson Act of 1945 explicitly states that the business of insurance shall be regulated by the states and exempts it from most federal commerce laws, including antitrust laws. The consequences are that in the case of the CA fires bottom-lin…
How “states rights” will bring the downfall of property/casualty insurance starting in CA
McCarran-Ferguson Act of 1945 explicitly states that the business of insurance shall be regulated by the states and exempts it from most federal commerce laws, including antitrust laws. The consequences are that in the case of the CA fires bottom-line profit oriented Insurance companies must price homeowner rates to state business. However, differences in regulation can lead to significant variation in coverage, pricing and consumer rights from one state to another.
How “states rights” will bring the downfall of property/casualty insurance starting in CA
McCarran-Ferguson Act of 1945 explicitly states that the business of insurance shall be regulated by the states and exempts it from most federal commerce laws, including antitrust laws. The consequences are that in the case of the CA fires bottom-line profit oriented Insurance companies must price homeowner rates to state business. However, differences in regulation can lead to significant variation in coverage, pricing and consumer rights from one state to another.