What act reaffirmed the federal government's right to regulate insurance but also acknowledged state regulation?

The McCarran-Ferguson Act is significant because it established the framework for the regulation of insurance in the United States, recognizing that the primary responsibility for regulating insurance should lie with the states. This act, enacted in 1945, was pivotal in affirming that while the federal government has the authority to regulate insurance under the Commerce Clause, states retain the priority to regulate and oversee insurance practices within their own borders.

This dual structure allows for both federal oversight and state regulation, ensuring that the unique needs and circumstances of different state insurance markets can be addressed effectively. The law explicitly states that federal law shall not be construed to invalidate or supersede state laws regulating the business of insurance, provided that those state laws are not discriminatory toward the business of insurance.

In comparison to the other acts listed, such as the Gramm-Leach-Bliley Act, which focuses on financial services and the removal of barriers between banking, insurance, and securities, or the Insurance Regulatory Modernization Act that aims at modernizing state-based regulation, or the Fair Credit Reporting Act, which pertains to consumer credit information, the McCarran-Ferguson Act uniquely positions itself to define the relationship between federal and state jurisdictions specifically in the realm of insurance regulation.