Posted On: March 15, 2007
Congress considers removing antitrust exemption from insurance industry
Too often insurance company PR campaigns have blamed medical malpractice lawyers for the high cost of insurance. Congress needs to repeal the antitrust exemption the industry now enjoys. Consumers of insurance are paying more for their policies because insurers are able to compare notes on pricing unlike any other industry. Watch rates fall when companies can no longer compare notes on how much their competitors are charging.
An effort to end the insurance industry's exemption from antitrust laws got a boost Wednesday at a Senate hearing where two Gulf Coast lawmakers aired frustrations over how insurers handled Hurricane Katrina claims. Sens. Trent Lott, R-Miss., and Mary Landrieu, D-La., testified before the Senate Judiciary Committee in favor of legislation that would repeal a more than 60-year-old law that allows insurance companies to share information."Ana Radelat, Gannet News Service, USA Today 3/070/07
http://www.usatoday.com/news/washington/2007-03-07-insurance_N.htm
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