§ 1012. — Regulation by State law; Federal law relating specifically to insurance; applicability of certain Federal laws after June 30, 1948.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1012]
TITLE 15--COMMERCE AND TRADE
CHAPTER 20--REGULATION OF INSURANCE
Sec. 1012. Regulation by State law; Federal law relating
specifically to insurance; applicability of certain Federal laws
after June 30, 1948
(a) State regulation
The business of insurance, and every person engaged therein, shall
be subject to the laws of the several States which relate to the
regulation or taxation of such business.
(b) Federal regulation
No Act of Congress shall be construed to invalidate, impair, or
supersede any law enacted by any State for the purpose of regulating the
business of insurance, or which imposes a fee or tax upon such business,
unless such Act specifically relates to the business of insurance:
Provided, That after June 30, 1948, the Act of July 2, 1890, as amended,
known as the Sherman Act, and the Act of October 15, 1914, as amended,
known as the Clayton Act, and the Act of September 26, 1914, known as
the Federal Trade Commission Act, as amended [15 U.S.C. 41 et seq.],
shall be applicable to the business of insurance to the extent that such
business is not regulated by State Law.
(Mar. 9, 1945, ch. 20, Sec. 2, 59 Stat. 34; July 25, 1947, ch. 326, 61
Stat. 448.)
References in Text
Act of July 2, 1890, as amended, known as the Sherman Act, referred
to in subsec. (b), is classified to sections 1 to 7 of this title.
Act of October 15, 1914, as amended, known as the Clayton Act,
referred to in subsec. (b), is act Oct. 15, 1914, ch. 323, 38 Stat. 730,
as amended, which is classified generally to sections 12, 13, 14 to 19,
20, 21, and 22 to 27 of this title and to sections 52 and 53 of Title
29, Labor. For further details and complete classification of this Act
to the Code, see References in Text note set out under section 12 of
this title and Tables.
Act of September 26, 1914, known as the Federal Trade Commission
Act, as amended, referred to in subsec. (b), is classified generally to
subchapter I (Sec. 41 et seq.) of chapter 2 of this title. For complete
classification of this Act to the Code, see section 58 of this title and
Tables.
Amendments
1947--Act July 25, 1947, substituted ``June 30, 1948'' for ``January
1, 1948''.
