WASHINGTON–Two Democrats in the House introduced legislation today that would repeal the antitrust exemption afforded the insurance industry by the McCarran-Ferguson Act, but would retain the authority of states to regulate insurance.
The Insurance Industry Competition Act would repeal the exemption and give the Department of Justice and the Federal Trade Commission the authority to apply the antitrust laws to anticompetitive behavior by insurance companies.
It was introduced by Rep. Gene Taylor, D-Miss., and Peter DeFazio D-Ore.
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