Insurance is a game of numbers, so the more, the better--not only for underwriters, but consumers, too. Still, try selling that to members of Congress on the warpath over disputed Hurricane Katrina claims.
For over 60 years, insurers have enjoyed some protection from federal antitrust laws, thanks to the McCarran-Ferguson Act. But that exemption is in jeopardy with the introduction of S. 618--the Insurance Industry Competition Act--granting antitrust enforcement authority to the Federal Trade Commission and Justice Department.
Powerful politicians are lining up in the bill's favor, including Sen. Minority Whip Trent Lott--the Mississippi Republican who lost his home to Katrina and sued State Farm over his claim.
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