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...
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