In the landmark case Paul vs. Virginia, what was determined about insurance?

In the landmark case of Paul vs. Virginia, the key determination made was that insurance transacted across state lines does not constitute interstate commerce. This conclusion is significant because it established the precedent that insurance companies were primarily regulated by state law rather than federal law. The ruling emphasized that insurance contracts were considered local transactions, regardless of whether they involved parties from different states. Consequently, this perspective reinforced the longstanding principle that states hold the authority to regulate insurance practices within their borders without the need for federal oversight. This foundational case has had a lasting impact on the regulatory landscape of the insurance industry in the United States.