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Member, Beacon International Group, Ltd.
WASHINGTON—Two freshmen representatives said Wednesday that they plan to introduce a bill this week that will repeal the McCarran-Ferguson Act's limited antitrust exemption for health insurers and medical malpractice liability insurers.
In a joint press release, Reps. Tom Perriello, D-Va., and Betsy Markey, D-Colo., said the bill was necessary “to end special treatment for the insurance industry that allows them to fix prices, collude with each other, and set their own markets without fear of being investigated.”
Insurance industry groups oppose such legislation. Last week, a group of largely property/casualty insurance organizations sent a joint letter to members of Congress outlining their concerns.
“To amend McCarran's antitrust provisions without evidence of the need, but with plenty of evidence of the potential harm, would be irresponsible and would drive up health care costs,” the letter read in part. “We therefore strongly urge you to oppose this legislation.”