(a) State regulation
The business of insurance, and every person engaged therein,
shall be subject to the laws of the several States which relate to
the regulation or taxation of such business.
(b) Federal regulation
No Act of Congress shall be construed to invalidate, impair, or
supersede any law enacted by any State for the purpose of
regulating the business of insurance, or which imposes a fee or tax
upon such business, unless such Act specifically relates to the
business of insurance: Provided, That after June 30, 1948, the Act
of July 2, 1890, as amended, known as the Sherman Act, and the Act
of October 15, 1914, as amended, known as the Clayton Act, and the
Act of September 26, 1914, known as the Federal Trade Commission
Act, as amended [15 U.S.C. 41 et seq.], shall be applicable to the
business of insurance to the extent that such business is not
regulated by State Law.