What does Public Law 15 Mccarran Act mean? Read on to discover the definition & meaning of the term Public Law 15 Mccarran Act - to help you better understand the language used in insurance policies.
Public Law 15 Mccarran Act
A congressional act of 1945 exempting insurance from federal antitrust laws to the extent that the individual states regulate the industry. The legislation was made necessary by the U.S. Supreme Court decision in United States v. South-Eastern Underwriters Ass'n, 322 U.S. 533, 64 S. Ct. 1162, 88 L. Ed. 1440 (1944).
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