WASHINGTON–Key members of the Senate leadership joined together Thursday to introduce bipartisan legislation that would end the insurance industry's exemption from antitrust laws through the McCarran-Ferguson Act.
The bill has effectively ceded insurance regulation to the states since its enactment in 1945. That McCarran-Ferguson is the law of the land was specifically reiterated in the Gramm-Leach-Bliley Act of 1999.
The McCarran-Ferguson Act currently exempts the "business of insurance" from federal antitrust laws, to the extent that it is regulated by the states.
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