What is the name of the act that exempts insurance from federal antitrust laws?

The McCarran-Ferguson Act is the correct answer because it was enacted in 1945 to grant states the authority to regulate the insurance industry and explicitly exempts insurance companies from federal antitrust laws as long as the states are regulating the business of insurance effectively. The rationale behind this exemption is that Congress recognized the unique nature of the insurance business, which often involves practices that might otherwise be considered anti-competitive but are necessary to ensure the stability and availability of insurance products.

This act facilitates a state-based regulatory approach, allowing states to enact legislation governing insurance practices without interference from federal law, thereby promoting a cooperative system wherein the regulation of insurance remains primarily at the state level. This is particularly significant in the context of risk management and consumer protection within the insurance market.

The other answer choices pertain to different healthcare and insurance-related legislation but do not address the specific issue of antitrust law exemptions for the insurance industry. The Affordable Care Act focuses on health insurance reforms, the Health Insurance Portability and Accountability Act pertains to patient privacy and data security, and the Patient Protection Act is often associated with provisions within the Affordable Care Act but does not involve antitrust exemptions.