WASHINGTON--Federal authorities should be given legal power to step in and prosecute insurance companies for illegality if state prosecutors can't or won't do the job, a key senator said during a hearing today.
Senate Judiciary Committee Chairman Arlen Specter, R-Penn, made his comments during a committee session to examine the potential changes in the language of the McCarran-Ferguson Act, which exempts insurers from federal anti-trust legislation and makes insurance regulation the province of the states.
Sen. Specter argued that if the states aren't going to push for criminal prosecutions of insurance companies and their executives, then federal attorneys should be allowed to.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
