Abstract
This article examines state regulation ofinsurance, focusing on congressional andjudicial attempts to displace state regulatoryprimacy over insurance. After describing the earlyperiodofstate insurance regulation from the U.S. Supreme Court's decision in Paul v. Virginia to the Court's overruling of that decision, the article examines the McCarran-Ferguson Act and the post-McCarran environment, including examples ofjudicial preemption of state insurance laws. Finally, the article considers the system of insurance regulation envisioned in H.R. 1290, the most recent congressional attempt to displace state insurance regulation, and state initiatives to counterfederal regulation. Although H.R. 1290purports to set up a dual regulatory scheme, the broadpreemption language in the bill wouldallow federal regulators to preempt virtually all state insurance laws. Moreover, the decisions ofthe Supreme Court in Garcia v. San Antonio Metropolitan Transit Authority and Chevron v. Natural Resources Defense Council would leave no political orjudicialforumfor states to debate the extent and impact of federal preemption.
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