ERISA Preemption of Laws Regulating Insurance

In general, ERISA does not preempt state laws regulating insurance, see 29 U.S.C. § 1144(b).  A state law regulates insurance if it is: (1) specifically directed toward entities engaged in insurance and (2) substantially affects the risk pooling arrangement between the insurer and the insured.  See Kentucky Ass'n of Health Plans, Inc. v. Miller, 538 U.S. 329, 242 (2003).