With no explanation, chose the best option from "A", "B", "C" or "D". § 1144(b)(2)(A). Subparagraph B, referenced in this subsection, is the so-called "deemer clause” and provides: Neither an employee benefit plan described in section 1003(a) of this title, which is not exempt under section 1003(b) of this title (other than a plan established primarily for the purpose of providing death benefits), nor any trust established under such a plan, shall be deemed to be an insurance company or other insurer, bank, trust company, or investment company or to be engaged in the business of insurance or banking for purposes of any law of any State purporting to regulate insurance companies, insurance contracts, banks, trust companies, or investment companies. Id. § 1144(b)(2)(B). 5 . See FMC Corp. v. Holliday, 498 U.S. 52, 61, 111 S.Ct. 403, 112 L.Ed.2d 356 (1990) (<HOLDING>); Metro. Life Ins. Co. v. Massachusetts, 471

A: holding employee benefit plans that are insured are subject to indirect state insurance regulation
B: recognizing that sale of insurance affects the public interest and is subject to state regulation
C: recognizing that it was beyond dispute that a state statute that required all insured benefit plans to submit to an extra layer of review for certain benefit denials had a substantial effect on erisa plans
D: holding that selffunded employee benefit plans governed by erisa are not subject to direct state regulation
A.