Text: S.618 — 110th Congress (2007-2008)All Bill Information (Except Text)

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Introduced in Senate (02/15/2007)

1st Session
S. 618

To further competition in the insurance industry.

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


To further competition in the insurance industry.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Insurance Industry Competition Act of 2007”.

SEC. 2. Antitrust enforcement authority.

(a) 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—

(1) in section 2(b) (15 U.S.C. 1012(b)), by—

(A) inserting “as it relates to unfair methods of competition,” after “Commission Act, as amended,”; and

(B) 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

(2) by striking section 3 (15 U.S.C. 1013).

(b) 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).

SEC. 3. 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.