H.R. 1583 (111th): Insurance Industry Competition Act of 2009

111th Congress, 2009–2010. Text as of Mar 18, 2009 (Introduced).

Status & Summary | PDF | Source: GPO

I

111th CONGRESS

1st Session

H. R. 1583

IN THE HOUSE OF REPRESENTATIVES

March 18, 2009

(for himself, Mr. Taylor, Ms. Kaptur, Mr. Baird, Mr. Hare, and Mr. Nadler of New York) introduced the following bill; which was referred to the Committee on the Judiciary, and in addition to the Committees on Energy and Commerce and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To further competition in the insurance industry.

1.

Short title

This Act may be cited as the Insurance Industry Competition Act of 2009.

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).

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.