Sherman Antitrust Act
1890 law prohibiting monopolies and restraint of trade in interstate commerce. The Sherman Act was strengthened in 1914 with amendments known as the Clayton Act that added further prohibitions against price-fixing conspiracies. These federal antitrust laws at first were not applied to the insurance industry because of the 1869 Supreme Court ruling in Paul V. Virginia that insurance was not commerce and thus not subject to federal regulation. After the south-eastern underwriters association (SEUA) case in 1944 and passage of the mccarran-ferguson act (public law 15) in 1945, Congress made it clear that states would retain the power to regulate insurance but price-fixing and restraint of trade not sanctioned by state laws and regulations would be subject to federal antitrust prosecution.
Popular Insurance Terms
Initial reserve plus the terminal reserve divided by two for any year of valuation. ...
Feature of property and casualty policy providing coverage without a reduction in the policy's limits after a loss is paid. For example, if the limit of coverage under a property policy is ...
Endorsement to a homeowners insurance policy or a personal automobile policy (pap) that covers physical damage to a snowmobile wherever it happens to be. Coverage can be on named peril or ...
Calculation of insurance premiums based on an age less than the current age of the insured. ...
Coverage for fire and explosion, against fire and any damage caused by explosion whether or not fire ensues, and whether or not an explosion occurs on- or off-board; sinking from floating ...
Layman description of the key features and benefits of a pension plan that must be filed with the Department of Labor. Periodic updates of this summary must also be provided to the ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
number of people born as a percentage of the total population in any given period of time. ...
Error, misstatement, or breach of duty by an officer or director of a company that results in a lawsuit against the company. directors and officers liability insurance covers claims arising ...
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