Which of the following acts established that the federal government would not regulate insurance in areas traditionally managed by states?

The McCarran-Ferguson Act is a significant piece of legislation that clarifies the regulatory relationship between the federal government and state governments when it comes to the insurance industry. This act, passed in 1945, essentially affirms that states have the primary authority to regulate insurance companies. The central premise of the McCarran-Ferguson Act is to ensure that the federal government does not intervene in areas where states have traditionally exercised regulatory authority over the insurance industry, provided that the states maintain a robust and effective regulatory framework.

The act was introduced as a response to concerns about competition and regulation in the insurance market, and it promotes state-level regulation as long as it does not conflict with federal laws. This has allowed states to craft their own regulations concerning insurance policies, rates, and practices, creating a diverse insurance landscape across the country. By reinforcing the states' roles, the McCarran-Ferguson Act has shaped the way the insurance industry operates in the United States, providing the framework that supports state oversight and regulation.