H.R.448 - Insurance Competitive Pricing Act of 2003108th Congress (2003-2004)
|Sponsor:||Rep. DeFazio, Peter A. [D-OR-4] (Introduced 01/29/2003)|
|Committees:||House - Judiciary|
|Latest Action:||01/29/2003 Referred to the House Committee on the Judiciary.|
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Summary: H.R.448 — 108th Congress (2003-2004)All Bill Information (Except Text)
Insurance Competitive Pricing Act of 2003 - Amends the McCarran-Ferguson Act to eliminate the antitrust exemption applicable to the business of insurance where the conduct involves: (1) price fixing; (2) allocating with a competitor a geographical area in which, or persons to whom, insurance will be offered for sale; (3) unlawfully tying the sale or purchase of one type of insurance to the sale or purchase of another type of insurance or any other service or product; or (4) monopolizing, or attempting to monopolize, any part of such business.
Introduced in House (01/29/2003)
Retains such exemption for conduct involving the making of a contract, or engaging in a combination or conspiracy, to: (1) collect or disseminate historical loss data; (2) determine a loss development factor applicable to such data; (3) perform actuarial services if such contract, combination, or conspiracy does not involve restraint of trade; or (4) determine a trend factor (an adjustment to reflect a change in inflation or any other change in the estimated loss costs incurred by certain persons engaged in the business of insurance) during a specified transition period.