A federal commission rocked the insurance world last week with a recommendation that Congress consider eliminating the industry's limited federal antitrust exemption, dismissing concerns about what the loss of data sharing privileges might mean for small carriers and consumers.
The recommendation was contained in a report by the Antitrust Modernization Commission. Four of the 12 members of the commission specifically called for repeal of the McCarran-Ferguson Act, which gives insurers their shield from federal oversight, along with three other antitrust exemptions involving shipping and exporting.
One insurer group said the commission did not have a full understanding of the way the exemption worked, and others disputed the conclusions in the report and by individual commissioners.
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