WASHINGTON, D.C. — The Antitrust Modernization Commission (AMC) held a public hearing to discuss the McCarran-Ferguson Act, originally enacted in 1945 to permit the states to continue regulating the insurance business. Under the act, the business of insurance is exempt from some federal antitrust statutes to the extent that it is regulated by the states. The panel of witnesses who testified included Michael McRaith, Illinois director of insurance and chairman of the Broker Activities Task Force of the National Association of Insurance Companies; J. Stephen Zielezienski, senior vice president and general counsel of the American Insurance Association (AIA); Julie Gackenbach of Confrere Strategies, on behalf of the National Association of Mutual Insurance Companies; Jay Angoff, of counsel, Roger Brown & Associates; and Theodore Voorhees Jr., publications officer, Section of Antitrust Law, American Bar Association (ABA). "Collision repairers should note the discussion of 'safe harbor' exemptions in both the ABA testimony and that of the American Insurance Association. These and other proposed exemptions to any repeal of McCarran-Ferguson certainly limit the benefits of insurance reform for consumers and repairers," says Bob Redding, ASA's Washington, D.C., representative. "The November elections will have a tremendous impact on the degree of insurance reform once Congress returns. In addition, the House Financial Services Committee, presently the committee of jurisdiction, will have a new chairman, whether the House is controlled by Democrats or Republicans, with the retirement of the current chair." To view the testimony of the witnesses in their entirety, please visit ASA's legislative Web site, www.TakingTheHill.comwww.TakingTheHill.com. |
