" The business of insurance differs from most other businesses. Because insurers sell an intangible product—a promise to pay in the event of contingent losses—and because these promises potentially affect so many, the business insurance is regulated more heavily than most other businesses.
The business of insurance is regulated by the states, not by the federal government (with the exception of certain antitrust laws). As a result, while there is necessarily much uniformity of regulation in the business of insurance from state to state, there are also differences."
An excerpt from the insurance book
