Insurers Are Giving A Little To Avoid Giving A LotLisa Driscoll
Kicking and screaming they may be, but the major insurance companies are offering to give up a corner of their security blanket. For 46 years, insurers have enjoyed the special antitrust protection of the McCarran-Ferguson Act. Among other things, the act allows them to pool underwriting data and set prices jointly. This way, insurers have argued, they can set their rates accurately enough to prevent frequent insolvencies. Well aware of the act's benefits, insurers always have stood united to block any legislative attempts to change McCarran-Ferguson.
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