"The federal role in regulating insurance is relatively limited compared with the role in banking and securities. Insurance companies, unlike banks and securities firms, have been chartered and regulated solely by the states for the past 150 years. The current state-centric system was confirmed by Congress in the 1945 McCarran-Ferguson Act (15 U.S.C. §1011 et seq.) specifically preserving the states' authority to regulate and tax insurance and also granting a federal antitrust exemption to the insurance industry for 'the business of insurance.' There are no federal insurance regulators akin to those for securities or banks, such as the Securities and Exchange Commission (SEC) or the Office of the Comptroller of the Currency (OCC), respectively."
CRS Insight, IN10702
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html