As we celebrate Opening Day, I can't help but wonder why Congress seems so determined to challenge the insurance industry's limited federal antitrust exemption, yet appears content to let Major League Baseball restrict competition in our national pastime in far more fundamental and damaging ways.
The insurance antitrust exemption allows carriers to share data for purposes of more accurate underwriting and pricing of risks, to more effectively investigate potential fraud, and to create standard policy documents–all to the ultimate benefit of consumers.
Contrary to popular belief, however, It does not permit insurers to collude, fix prices or conspire to deny coverage or claims payments. And it certainly does not allow carriers to claim markets as their own private fiefdoms.
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