Bill Would Subject Insurers to Anti-Trust Laws - BodyShop Business

Bill Would Subject Insurers to Anti-Trust Laws

The U.S. House of Representatives is considering a bill that would
remove the federal antitrust exemption from the insurance industry.

In repealing the exemption, the Insurance Industry Competition Act
would give the Department of Justice and the Federal Trade Commission
(FTC) the authority to apply antitrust laws to anticompetitive behavior
by insurance companies but would not affect the ability of each state
to regulate the business of insurance. Insurers have been exempt from
anti-trust laws since the passing of the McCarran-Ferguson Act in 1945.

The bill’s sponsors – Rep. Gene Taylor, D-Miss., and Rep. Peter DeFazio, D-Ore. –
say insurers’ exemption from anti-trust laws is what allowed American
International Group (AIG) to become “too big to fail” and that insurers
believe they’re “above the law.”

“The fact that the insurance industry is exempt from federal anti-trust
laws is outrageous,” DeFazio said. “Shouldn’t the $170 billion bailout
of AIG be the third and final strike to the ‘business as usual’
attitude toward the insurance industry?”

David A. Sampson, president and CEO of the Property Casualty Insurers
Association of America (PCI), said the group opposes the Insurance
Industry Competition Act, which PCI believes takes advantage of the AIG
controversy to punish the entire insurance industry.

“The McCarran-Ferguson Act does not hinder competition among insurers,”
Sampson said. “In fact, it promotes competition in the marketplace by
putting small and medium-sized companies on a level playing field with
much larger competitors, and it creates efficiencies for insurers that
mean savings and choice for insurance buyers. These savings are crucial
to consumers during an economic downturn, and we call upon Congress to
reject this misguided legislation.”

Click HERE to download the bill.

You May Also Like

Body Bangin’: Stand Out in a Consolidator’s Market with John Shoemaker

Micki Woods interviews John Shoemaker of BASF on how to be “elite” in a consolidator’s market.

Micki Woods, master marketer for collision repair shops and owner of Micki Woods Marketing, has released the latest episode of "Body Bangin'," the video podcast that is taking the industry by storm!

In this episode, Woods interviews John Shoemaker, business development manager with BASF Automotive Refinishes NA, on how to be "elite" in a consolidator's market, which comes down to differentiating yourself through things like OEM certification.

Body Bangin’: Can Loaner Vehicles Be Another Revenue Stream?

Micki Woods interviews Laura Tierney of ShopLoaner.com on turning loaner vehicles into a new profit center for your shop.

Protect Your Shop from Cyber Crimes with Mark Riddell

Micki Woods interviews Mark Riddell of m3 Networks Limited on what auto body shops can do to protect themselves from a cyber attack.

Body Bangin’: The Disengagement Epidemic with Kevin Wolfe

Micki Woods interviews Leaders Way Owner Kevin Wolfe on why 73% of work professionals are disengaged today and what we can do about it.

Body Bangin’: I Thought We Were Doing It Right with Josh Piccione

Micki Woods interviews Josh Piccione on repairing vehicles correctly — according to manufacturer guidelines.

Other Posts

Body Bangin’: Be a Star Not a Hamster with Robert Snook

Micki Woods interviews popular keynote speaker Robert Snook on how to differentiate and grow your business.

Body Bangin’: Know Me, Know My Car with Mike Anderson

Micki Woods interviews Mike Anderson on the importance of building an emotional connection with your customers.

Body Bangin’: Fighting for Consumer Safety with Burl Richards

Micki Woods interviews Burl Richards on his personal mission to fight for consumers’ rights and safety.

Body Bangin’: The Employer-Student Disconnect

Micki Woods interviews Raven Hartkopf, lead collision instructor at Collin College in Texas, on what students want from a shop employer.