What year did the McCarran-Ferguson Act return responsibility for insurance regulation to the federal level?

The McCarran-Ferguson Act was enacted in 1945, marking a significant moment in the history of insurance regulation in the United States. The Act effectively reversed a prior trend of increasing federal oversight of the insurance industry, affirming that the regulation of insurance would primarily be the responsibility of the states unless federal legislation specifically requires otherwise. This legislation was passed in response to concerns that the federal government was overstepping its boundaries by encroaching on state authority, and it aimed to maintain the long-standing tradition of state-based insurance regulation.

By clarifying that state laws providing for the regulation of insurance would not be superseded by federal laws unless explicitly stated, the McCarran-Ferguson Act reinforced the decentralized approach to regulating the insurance market. This framework remains in place today, whereby states are the primary regulators, ensuring that insurance can respond to the unique needs and conditions of local markets.