Two Democrats in the U.S. House of Representatives–disgruntled about insurer handling of Hurricane Katrina claims–have launched a campaign to limit the industry's antitrust exemption should their party take control of Congress in this week's election.
At a recent press conference, Rep. Gene Taylor, D-Miss., and Charlie Melancon, D-La., 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 push for repeal of the McCarran-Ferguson Act's antitrust exemption as it relates to what they allege is “price-fixing” in the property insurance market.
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