WASHINGTON–Newly proposed House legislation to end the insurance industry's anti-trust exemption has been attacked by two insurer trade group who call it a "punitive bill hinging on a false premise."
The organizations said the introduction of the bill was an unfair exploitation of the public financial difficulties of insurance giant American International Group.
David A. Sampson, president and chief executive officer of the Property Casualty Insurers Association of America, said in a statement that the new legislation "uses the current controversy [over AIG] as a convenient cudgel to punish an entire industry, when in fact the existing crisis had nothing to do with the limited exemption that allows insurers to share loss data."
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