II
110th CONGRESS
1st Session
S. 618
IN THE SENATE OF THE UNITED STATES
February 15, 2007
Mr. Leahy (for himself, Mr. Specter, Mr. Lott, Mr. Reid, and Ms. Landrieu) introduced the following bill; which was read twice and referred to the Committee on the Judiciary
A BILL
To further competition in the insurance industry.
Short title
This Act may be cited as the
Insurance Industry Competition Act of
2007
.
Antitrust enforcement authority
In general
The Act of March 9, 1945 (59 Stat. 33; 15 U.S.C. 1011 et seq.) (commonly known as the McCarran-Ferguson Act) is amended—
in section 2(b) (15 U.S.C. 1012(b)), by—
inserting as it relates to unfair
methods of competition,
after Commission Act, as
amended,
; and
striking to the extent that such
business is not regulated by State law
and inserting The Federal
Trade Commission Act, as it relates to areas other than unfair methods of
competition, shall be applicable to the business of insurance to the extent
that such business is not regulated by State law.
; and
by striking section 3 (15 U.S.C. 1013).
Federal Trade Commission Act
Section 6 of the Federal Trade Commission Act (15 U.S.C. 46) is amended by striking the third undesignated paragraph following subsection (i).
Joint enforcement policy statement
The Department of Justice and the Federal Trade Commission may issue joint statements of their antitrust enforcement policies regarding joint activities in the business of insurance.