Two senior senators from coastal states will be the lead witnesses on Wednesday, when the Senate Judiciary Committee holds a hearing on whether the antitrust exemption enjoyed by insurers through the McCarran-Ferguson Act is good for consumers.
The decision to hold the hearing led a number of insurance industry trade groups to voice concerns about Congress' course on insurance regulation this year.
One representative for the interests of small insurers and agents cautioned that "the perfect storm is building on McCarran-Ferguson repeal." His comments followed introduction of S. 618, the Insurance Industry Competition Act, legislation that would repeal the industry's exemption from antitrust laws through McCarran-Ferguson.
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