Which statement about Public Law 15 (The McCarren-Ferguson Act) is NOT true?

The correct assertion regarding Public Law 15, known as the McCarran-Ferguson Act, emphasizes that the act primarily preserves the authority of states to regulate insurance without federal intervention. This means that the federal government does not have the primary oversight of insurance products and practices; rather, states are tasked with licensing insurers and regulating the conduct of insurance companies.

The statement about federal approval of insurance forms is not true because the McCarran-Ferguson Act expressly reinforces that states maintain control over insurance matters. Consequently, federally mandated approval of insurance forms does not fit within the framework laid out by this act.

The other options highlight the accurate roles defined by the McCarran-Ferguson Act. For example, assigning authority for fair labor standards to states aligns with the law's intent to let states govern a variety of insurance-related activities. Additionally, leaving insurance licensing to states and allowing them to regulate ethical conduct are both core principles established by the act, ensuring that the insurance industry operates within a state-centered regulatory framework, while federal involvement in insurance is limited.