American Deposit Corp. v. Schacht

This case boils down to one fundamental question: is the selling of the Retirement CD by national banks like Blackfeet appropriately characterized as “the business of insurance” under McCarran-Ferguson.1 If the selling of this product by national banks is *846appropriately characterized as “the business of insurance,” Illinois can choose to regulate the activity under its insurance code, and there is no federal preemption issue because McCarran-Ferguson directs that the “business of insurance” is presumed to be the province of the states.2 .15 U.S.C. § 1012. But if the selling of this annuity…