[20041019]RS21957_军事人员金融服务保护法：H、 R第108届大会5011.pdf

1 Although Congressional regulation of the insurance industry remains within the scope of theCommerce Power, the 1945 McCarran-Ferguson Act (15 U.S.C. 1011-1015) clarifies that“regulation and taxation by the several States of the business of insurance is in the public interest.” (15 U.S.C. 1011). McCarran-Ferguson, however, allows Congressional acts that“specifically relate . to the business of insurance” to preempt state law or regulation in the area(15 U.S.C. 1012(b). 2 “There is an extensive history of abusive and misleading marketing and sales of financial(continued.)Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21957October 19, 2004Military Personnel Financial ServicesProtection Act: H.R. 5011, 108th CongressJanice E. Rubin and Michael V. SeitzingerLegislative AttorneysAmerican Law DivisionSummaryH.R. 5011, the Military Personnel Financial Protection Act, was passed by theHouse on October 5, and is pending in the Senate Committee on Banking, Housing, andUrban Affairs. The bill utilizes both Congress constitutional Commerce Powerauthority to enact insurance legislation, and the states traditional regulation