WASHINGTON--Officials of various insurance industry trade groups contended in separate statements Thursday that members of Congress who joined to introduce legislation repealing the industry's antitrust exemption were exaggerating the extent of the exemption.
Moreover, one trade group official said the legislation is "unnecessary and would hurt consumers." Another voiced concern that repeal would drive up the cost of doing business by "providing new fodder for class action lawsuits, meaning consumers will have to pay a cost as well in the form of higher premiums."
An official of the Independent Insurance Agents and Brokers of America reiterated a proposal first made in congressional testimony last year that Congress should at least await presentation of a report now being conducted by the Antitrust Modernization Commission before determining whether McCarran-Ferguson should be amended.
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