Comprehensive health reform now seems dead. But at a press conference last week, House Speaker Nancy Pelosi said that Democrats would pursue easier-to-pass incremental legislation during the coming weeks and put off comprehensive reform for later. A Pelosi aide indicated that one of the first priorities might be to repeal a 60-year-old law that exempts health and medical-malpractice insurers from federal antitrust laws. Democrats have long blamed the McCarran-Ferguson Act of 1945 for aiding insurance industry consolidation and coordinated pricing. So, last year, Rep. Sheldon Whitehouse, Rhode Island Democrat, and Sen. Patrick J. Leahy, Vermont Democrat, introduced a bill that would repeal the limited antitrust exemption. The measure was incorporated into the House health care bill, but ...
The American insurance industry existed long before American Agent & Broker, but the industry looked very different 80 years ago. The industry has mirrored the US' economic, technological and political changes, and AA&B has covered them. Here are some of the most significant: 1. The National Association of Professional Insurance Agents was created in 1931. 2. Congress passed the Glass-Steagall Act of 1933 to protect depositors. 3. In 1938, Congress established the Federal Crop Insurance Corp to test the waters of government involvement in insurance. 4. The McCarran-Ferguson Act in 1945 retained state regulation of the industry and granted insurers a limited exemption from federal antitrust laws. 5. The homeowners policy, a combination theft, liability and fire insurance introduc...
...See McCarran-Ferguson Act of 1945, ch. 20, 59 Stat. 33 (codified as amended at 15U.S...
The American insurance industry had an early champion in Benjamin Franklin. Many insurance industry leaders of the past 80 years may have been less flamboyant than Franklin, but their contributions are just as significant. Here's a list of some of the most notable. 1. William David Winter, cofounder and chairman of the American Cargo War Risk Exchange during World War II, 2. S. Bruce Black, president of Liberty Mutual Insurance Co from 1924 to 1956, 3. Dr. Edwin Patterson, the major force in the 1939 codification of New York's insurance law, 4. Harry Loman, the first dean of The Wharton School of the University of Pennsylvania in Philadelphia, 5. Nevada Senator Patrick McCarran, co-authored the McCarran-Ferguson Act in 1945, 6. Michigan Senator Homer Ferguson, co-authored the McCarran-F...
Lost in the hysteria over the proposed "public option" included in several versions of the federal health care reform bill is its fundamental purpose. The idea is to create competition for health insurance, thus driving down its price. Federal lawmakers know better than anyone that an effective lack of private-sector competition for health insurance is a key factor in its exorbitant cost. A federal law, the McCarran-Ferguson Act of 1945, empowers the insurance industry to create regional monopolies and to stifle price competition.
Across the US many investors have seen their portfolios' value fall significantly during the recent credit crisis. Because of this, investors are reminded of the risk associated with equity investments. One financial product -- a Fixed Indexed Annuity (FIA) -- offers its owners the opportunity to participate in the gains of the stock market, with zero downside risk. However, the cost of an FIA may soon increase, thanks to a new rule that the Securities and Exchange Commission (SEC) recently finalized, Rule 151A, which is now tied up in litigation. This Note argues that the SEC's Rule is based on an incorrect theory of investment risk, overemphasizes the difference between investment risk and insurance risk, is unsupported by judicial precedent, and imposes substantial costs in exchange ...
...1. The McCarran-Ferguson Act of 1945 and Insurance Regulation. Broadly speaking, states...
...Pennsylvania R. Co., 324 U.S. 439 (1945), in the first section of his dissent. Neither of ...
... reduced by the McCarran-Ferguson Act of 1945. The Act followed a 1944 Supreme Court ruling that...
...'s administrative regime, the McCarranFerguson Act does not preclude its application. Shaw v. Del... efforts to regulate insurance, Congress in 1945 enacted the McCarran-Ferguson Act. Section 1 of th...
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