Final answer:
Under US Code 1033, the federal government is responsible for prosecuting crimes related to the insurance business that impact interstate commerce. While insurance is mainly regulated at the state level, federal intervention is necessary when insurance crimes intersect with federal jurisdictions.
Step-by-step explanation:
Under US Code 1033, crimes by or affecting persons engaged in the business of insurance which affect interstate commerce are prosecuted by the federal government. The regulation of the insurance industry in the United States is largely handled at the state level, with the National Association of Insurance Commissioners facilitating coordination between state insurance regulators. Despite this state-level regulation, the federal government has the authority to prosecute crimes related to insurance that impact interstate commerce, ensuring that the industry operates within the confines of federal law.
The goals of state regulators typically revolve around keeping the cost of insurance affordable and making sure that insurance coverage is widely available. However, such objectives can sometimes conflict and become intertwined with political debates. Nevertheless, it is the role of the federal government to intervene when insurance-related offenses, such as fraud or misrepresentation, have broader implications that reach beyond state boundaries and affect interstate commerce.