What are the three branches of government involved in the regulation of insurance as per the McCarran-Ferguson Act?

The McCarran-Ferguson Act recognizes that the regulation of the insurance industry is primarily a state responsibility, but it does not exclude the roles of the federal and local branches of government. The three branches—executive, legislative, and judicial—each play a significant role in ensuring that laws governing the insurance industry are made, upheld, and interpreted effectively.

The legislative branch creates laws that pertain to insurance regulation, while the executive branch enforces these laws through various state insurance departments. The judicial branch is responsible for interpreting these laws and resolving disputes related to insurance practices. This balance among the branches helps maintain a structured and fair regulatory environment for the insurance market, allowing for state-specific regulations that can cater to local needs while still adhering to overarching federal guidelines.

The other options, such as federal, state, and local branches, do not represent the branches of government but rather levels of government entities. Public, private, and charitable branches categorize types of organizations rather than governmental structures, while regulatory, licensing, and compliance branches do not reflect the traditional divisions of government espoused by the McCarran-Ferguson Act.