I had no idea.
The exemption was established in 1945 in the McCarran-Ferguson Act, which "gives states the authority to regulate the 'business of insurance' without interference from federal regulation, unless federal law specifically provides otherwise." The act, interestingly enough, was a response to a Supreme Court ruling that held that insurance is not "commerce."
A bill has been introduced to remove this exception: H.R.3596: Health Insurance Industry Antitrust Enforcement Act of 2009.
More Info:
- Pelosi pushing forward with robust public option -- House Dems may ...
- House Panel Approves Bill Curbing Insurers' Antitrust Exemption
- BIG “I” SAYS INSURANCE ANTITRUST EXEMPTION IMPORTANT TO POLICYHOLDERS
