WASHINGTON–With the McCarran-Ferguson Act that governs the insurance industry under scrutiny, a spokesman for the nation's regulators has cautioned a federal panel against any notion of repeal.
Michael McRaith, Illinois director of insurance, speaking on behalf of Illinois and the National Association of Insurance Commissioners, made his comments Wednesday at a hearing of the Antitrust Modernization Commission here.
The current law, he said, "fosters a vibrant, competitive insurance marketplace" when combined with effective state insurance supervision.
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
© 2024 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.
