WASHINGTON, D.C. – The Insurance Industry Competition Act of 2009 (House Bill 1583), a bill that amends the McCarran-Ferguson Act by eliminating the federal antitrust exemption for the insurance industry that has been in place since 1945h, has been introduced in the U.S. House of Representatives by Reps. Gene Taylor, D-Miss., and Peter DeFazio, D-Ore.
H.B. 1583 would repeal the McCarran-Ferguson Act and give the U.S. Department of Justice and the Federal Trade Commission the authority to enforce antitrust laws for insurance companies if they show anticompetitive behavior. State regulation of the insurance industry, however, would not be affected.
The Automotive Service Association (ASA) says it is a longtime supporter of the repeal of McCarran-Ferguson. Advocates for repeal have encouraged Congress to revive repeal efforts since the last Congress. In the 103rd Congress, ASA and small businesses – as well as consumer organizations – came close in the House of Representatives to a repeal but the effort fell short.
U.S. Sen. Patrick Leahy, D-Vt., chairman of the Judiciary Committee, and a bipartisan group of key senators also supported a repeal of the act in the 110th Congress.
To view this legislation, visit ASA’s legislative Web site at www.TakingTheHill.com.
