WASHINGTON--Eight insurance company trade groups and the U.S. Chamber of Commerce have written a strongly worded letter urging Congress to oppose legislation eliminating their industry's limited antitrust exemption.

They voiced their opposition to repeal of the McCarran-Ferguson Act in a letter delivered late Friday to all senators and representatives, which warned that repeal would ultimately reduce competition and create a swamp of regulations.

"We are writing to express our strong opposition to S. 618 and H.R. 1081," the letter said. "These recently introduced bills would repeal the state insurance regulation provisions of the McCarran-Ferguson Act that are designed to prevent federal antitrust lawsuits from undercutting state insurance and antitrust laws," it continued.

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