((a)) ** State regulation** The business of insurance, and every person engaged therein, shall be subject to the laws of the several States which relate to the regulation or taxation of such business.
((b)) ** Federal regulation** No Act of Congress shall be construed to invalidate, impair, or supersede any law enacted by any State for the purpose of regulating the business of insurance, or which imposes a fee or tax upon such business, unless such Act specifically relates to the business of insurance: , That after , the Act of , as amended, known as the Sherman Act, and the Act of , as amended, known as the Clayton Act, and the Act of , known as the Federal Trade Commission Act, as amended [ et seq.], shall be applicable to the business of insurance to the extent that such business is not regulated by State Law.15 U.S.C. 41June 30, 19481948-06-30July 2, 18901890-07-02October 15, 19141914-10-15September 26, 19141914-09-26Provided