Look up the McCarron-Ferguson Act.
It exempts insurance companies from federal regulation (like anti-trust laws), and puts it in the hands of the states.
Insurance companies, headquartered in one state, are conducting business in another state. That’s interstate commerce, and the Constitution grants Congress the right to regulate interstate commerce. So why did Congress, in its infinite stupidity, strip themselves of a Constitutionally-guaranteed power?
Because there is no federal oversight, insurance companies are free to practice price collusion, and create oligopolies. They also cherry-pick which states are most profitable, threatening to leave the state if state insurance commissioners impose regulations that are too consumer-friendly. The states are handcuffed.
Most of the problems with the insurance industry today are *because* there is no Federal anti-trust oversight of insurance companies.
Some things are best handled at the federal level, which is why the Constitution gave Congress that power.
Insurance regulation and tort reform are two examples of things that are best handled at the Federal level.
It’s a private business!!!!
That is the part you fail to understand!
If some socialist craphole state imposes a bunch of stupid regulations that make it unprofitable for business to operate, the voters in that state can vote them out of office.
Its not my problem!
If socialist morons want to screw up their state they can pay 100% of the cost of their actions.