Federal lawmakers in both the House and Senate are drafting and plan to soon introduce bi-partisan legislation that would radically alter the insurance industry's long-standing exemption from federal antitrust law.

The House measure is being sponsored by Reps. Peter Fazio, D-Ore., Rep. Bobby Jindal, R-La., and Rep. Gene Taylor, D-Miss., among others, according to a memo obtained by National Underwriter that Rep. Taylor recently sent to House colleagues.

The legislation was scheduled to be introduced this week, but could be delayed so that companion legislation can be launched in the Senate at the same time.

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