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.
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