The insurance industry should be stripped of its longtime federal antitrust protection because the exemption creates an environment in which carriers can abuse policyholders in individual states, as was demonstrated by mishandling of recent hurricane claims, two senators from storm-ravaged areas testified last week.
Sen. Mary Landrieu, D-La., and Sen. Trent Lott, R-Miss., the Senate minority whip, made their comments during a Senate Judiciary Committee hearing on “The McCarran-Ferguson Act: Implications of Repealing the Insurers' Antitrust Exemption.” The committee is considering S.618, “The Insurance Industry Competition Act of 2007,” which would revoke the exemption.
Sen. Landrieu told the panel something must be done to mitigate “the deep threat the current insurance environment poses to the successful recovery” of Louisiana from Hurricanes Katrina and Rita.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
