Legislation to repeal the insurance industry's longtime antitrust exemption under the McCarran-Ferguson Act is so radical and potentially harmful that all sectors of the business have made it their first priority to kill, or at least substantially modify the bill in Congress.
The legislation–S. 618, the Insurance Industry Competition Act of 2007–would impose federal regulation on top of the current state regulation, according to the consensus of industry lobbyists and lawyers.
The bipartisan bill introduced by key members of the Senate leadership was designed to voice congressional concern over the "impertinence" of the insurance industry for such alleged transgressions as its delayed and inadequate response to Hurricane Katrina claims.
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