Senators Call For Insurance Reforms

Law360, New York (March 8, 2007, 12:00 AM EST) -- Insurance companies’ responses to the damage caused by Hurricane Katrina have highlighted the need for federal antitrust regulation of the industry, Sens. Trent Lott and Mary Landrieu said Wednesday.

Lott, R-Miss., and Landrieu, D-La., joined industry representatives and hurricane victims at a Senate Judiciary Committee hearing.

For more than 60 years, insurance providers have enjoyed federal exemption under the McCarran-Ferguson Act of 1945, which leaves regulation of the insurance industry up to states.

The hearing addressed the bipartisan Insurance Industry Competition Act of 2007, introduced in...
To view the full article, register now.