WASHINGTON--Two Democratic congressmen are joining the call for an end to the antitrust exemption for the insurance industry, making it likely that in the next Congress greater federal oversight of insurers will be an issue.
At a press conference yesterday Democratic Representatives Gene Taylor of Mississippi, and Charlie Melancon of Louisiana, said a Democratic-controlled House would look into insurance industry practices they contend have shifted the financial burden of Hurricane Katrina claims onto the taxpayer.
Styling themselves the Katrina Task Force, the two congressmen said they will also recommend repeal of the McCarran-Ferguson Act antitrust exemption as it relates to what they allege is "price-fixing" in the property insurance market.
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