Two House Democrats last week introduced legislation that would repeal the antitrust exemption afforded insurers under the McCarran-Ferguson Act, but would retain the authority of states to regulate the industry.
A pair of insurance trade groups said the legislation is a "punitive bill hinging on a false premise," charging that its introduction was an unfair exploitation of the financial difficulties resulting from non-insurance activities at American International Group.
The Insurance Industry Competition Act of 2009 would repeal the exemption and give the Department of Justice and the Federal Trade Commission authority to apply antitrust laws to anticompetitive behavior by insurance companies.
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