S.719 - Insurance Competition Improvement Act of 1989101st Congress (1989-1990)
|Sponsor:||Sen. Metzenbaum, Howard M. [D-OH] (Introduced 04/06/1989)|
|Committees:||Senate - Judiciary|
|Latest Action:||04/18/1989 Committee on Judiciary. Hearings held. Hearings printed: S.Hrg. 101-486. (All Actions)|
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Summary: S.719 — 101st Congress (1989-1990)All Bill Information (Except Text)
Introduced in Senate (04/06/1989)
Insurance Competition Improvement Act of 1989 - Amends the McCarran-Ferguson Act to limit the Federal antitrust exemption of the business of insurance to the following activities of the insurance industry, subject to specified conditions: (1) collection and dissemination of historical data on paid claims or reserves for reported claims; (2) preparation and filing of policy forms and endorsements; (3) conducting research and on-site inspections to prepare classifications of public fire defenses; (4) collection and dissemination of information regarding fraudulent claims and practices; and (5) participation in joint underwriting, pools, and residual market mechanisms that are approved or that do not unreasonably restrain trade.
Authorizes States to require workers' compensation and employers' liability insurers to adhere to a uniform classification system and uniform rating plan, but prohibits such insurers from agreeing among themselves to use any rate.