The McCarran-Ferguson Act, which has kept insurance regulation in the hands of the states since its passage in 1944, should be repealed, according to New York State Attorney General Eliot Spitzer.
In testimony submitted to the federal Antitrust Modernization Commission, Mr. Spitzer said the law has become outdated and is potentially a hurdle to enforcing antitrust laws.
"The McCarran-Ferguson exemption to the federal antitrust laws for the business of insurance illustrates an industry-specific exemption that is ripe for re-examination and, in our view, repeal," Mr. Spitzer said.
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