Instagram's parent company is Facebook and many of the policies used by Facebook are applied to Instagram.
May 2019 Instagram starts working with third party fact checkers to identify and label false information. Expanded this operation globally in December.
March 2020 Instagram adds more educational information about COVID-19, they removed accounts with COVID-19 from the recommendations unless they were from a credible health organization. They would start to downrate content in the feed and stories which had been deemed false by third party fact checkers.
May 2020 Instagram launched an algorithm which detects false images. This algorithm has also been known to target artistic digital manipulation done in Photoshop.