ON INSURANCE AND THE COMMERCE CLAUSE

Commenter sunkawakan at Peach Pundit noted that there is a Supreme Court decision that bears directly on whether or not under the Commerce Clause, Congress may regulate insurance companies. The decision, U.S. v. SOUTH-EASTERN UNDERWRITERS ASS'N, 322 U.S. 533 (1944), is unambiguous:

No commercial enterprise of any kind which conducts its activities across state lines has been held to be wholly beyond the regulatory power of Congress under the Commerce Clause. We cannot make an exception of the business of insurance.