n-Ovals Problem

Suppose that n ovals (an oval is a closed curve that does not cross over itself) are drawn on the plane such that no three ovals meet in a point and each pair of ovals intersects in exactly two points. How many distinct regions of the plane are create by n ovals? Provide a closed form answer including n.
Note: Use ^ as the power operator. Do not use paranthesis (or spaces) anywhere. Use precedence rules instead. You should write terms decreasingly in terms of power of n.