NAMIC Out To Block Antitrust Repeal

WASHINGTON–The National Association of Mutual Insurance Companies said its top legislative priority this year will be halting efforts to repeal the McCarran-Ferguson Act antitrust exemption for insurers.

Legislative priorities for the Indianapolis-based trade group were identified at the organization's annual federal affairs committee meeting in early February in New Orleans.

Other issues that “pose the most serious threats to our industry,” NAMIC officials said, include the impending expiration of the Terrorism Risk Insurance Act; flood-related issues; underwriting restrictions; small company taxation and insurance regulatory reform.

“Our government affairs department will continue to work with members of Congress on these important, timely issues in the months ahead,” said Carl Parks, NAMIC senior vice president for government affairs.

“Not since the Gramm-Leach-Bliley Act have we been faced with one of the biggest industry challenges as we look to congressional threats to [repeal] the McCarran-Ferguson Act,” added Mr. Parks.

A hearing on that legislation, S. 618, will take place Wednesday before the Senate Judiciary Committee. Mark Racicot, the president of the American Insurance Association, and Michael McRaith, director of the Illinois Division of Insurance, representing the National Association of Insurance Commissions, will testify on behalf of the insurance industry.

Mr. Parks said NAMIC's members will be asked to help spread the association's message on its targeted topics.

“We will utilize our grassroots advocacy network, the Congressional Contact Program, to help educate members of Congress and advance our legislative agenda,” Parks said.

He added, “As in the case of Gramm-Leach-Bliley, it will be extremely beneficial again to have this very established and highly successful turnkey operation in place.”

Warren Heck, CPCU, president & CEO of the Greater New York Mutual Insurance Company, was scheduled to testify today on behalf of NAMIC at a field hearing on TRIA renewal that the Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the House Financial Services Committee is holding in New York.

New York Mayor Michael Bloomberg, Sen. Charles Schumer, D-N.Y., and Eric R. Dinallo, acting superintendent of the New York Insurance Department, are also scheduled to testify.