McCarran-Ferguson Act: Federal law (15 U.S.C. ยงยง 1011-1015) that establishes state regulation as the primary governance of insurance business and provides limited federal antitrust exemption for insurance activities
State Insurance Codes: Individual state-specific insurance laws and regulations that govern insurance operations, including licensing, policy requirements, and consumer protections within each state's jurisdiction
Dodd-Frank Act: Federal legislation that created the Federal Insurance Office (FIO) and established additional oversight for insurance industry, particularly concerning systemic risk
State Contract Law: State-specific laws governing contract formation, enforcement, and interpretation, including principles of offer, acceptance, consideration, and performance
Consumer Protection Statutes: State and federal laws protecting insurance consumers, including requirements for fair dealing, truthful advertising, and prohibited unfair trade practices
Claims Processing Regulations: State-specific requirements for handling insurance claims, including timeframes, documentation requirements, and standards for good faith claims practices
Disclosure Requirements: Mandatory policy declarations, coverage explanations, and exclusion notifications that must be clearly communicated in insurance agreements
Industry-Specific Standards: Specialized requirements and regulations based on the type of liability coverage (professional, commercial, or personal) and industry-specific compliance standards
ERISA: Federal law governing employee benefit plans, relevant when liability insurance is part of employee benefits package
Unfair Trade Practices Regulations: State and federal regulations prohibiting deceptive or unfair practices in insurance transactions, including requirements for fair competition and consumer treatment
