The effort to repeal the insurance industry's federal antitrust exemption under the McCarran-Ferguson Act in this congressional session remains "an answer in search of a problem," according to a former insurance regulator.
The repeal effort is driven by members of Congress whose states suffered devastating losses during Hurricane Katrina, Larry Mirel, formerly insurance commissioner of Washington, D.C., told state lawmakers at the recent quarterly meeting of the National Conference of Insurance Legislators here.
"People like to beat up on insurance companies," he said. "Recently, critics of the insurance industry have pointed to the antitrust exemption in the McCarran-Ferguson Act as one reason insurance companies, they claim, don't play fair."
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