Congress Gets Bill to Limit Anti-Trust Immunity in
Both the Senate and the House of Representatives now have before
them a bill introduced to curtail anti-competitive behavior within
the insurance industry. If it passes and becomes law, the Insurance
Industry Competition Act will give Department of Justice and the
Federal Trade Commission the power to apply anti-trust laws to the
insurance industry, effectively overturning the McCarran-Ferguson
Act, passed in 1945.
Senators Patrick Leahy (D-Vt.), Chairman of the Judiciary Committee
and Arlen Specter (R-Pa.), with Senate Majority Leader Harry Reid,
(D-Nev.) and Senate Republican Whip Trent Lott, (R-Miss.) introduced
the bill to the Senate, while Reps. Peter DeFazio (D-Ore.), Gene
Taylor (D-Miss.), Bobby Jindal (R-La.), Charlie Melancon (D-La.),
Rodney Alexander (R-La.), and Walter Jones (R-N.C.) introduced it
to the House as well.
HERE to read the Senate's official press release about the
bill, along with a transcript of the Senator Leahy's introduction
of the bill to the Senate.
HERE for more additional media coverage of the bill as it
relates to the insurance industry.