Navigation Links
PIA Hails Removal of Medical Malpractice Insurers From Bill Restricting Insurance Antitrust Exemption
Date:2/22/2010

WASHINGTON, Feb. 22 /PRNewswire-USNewswire/ -- The National Association of Professional Insurance Agents (PIA) is hailing the elimination of medical malpractice insurers from the draft of a bill restricting the limited federal insurance antitrust exemption under the McCarran-Ferguson Act.

According to the draft of the bill, to be called the Health Insurance Industry Fair Competition Act, posted on the House Rules Committee website as "text of bill to be introduced," the scope of the bill has been narrowed to cover health insurers, but not medical malpractice insurers.

"The inclusion of medical malpractice insurance, a property/casualty product, was particularly inappropriate in that it did not relate directly to health insurance," said PIA National Director of Federal Affairs Mike Becker. "A reduction in medical malpractice insurance rates is best achieved through separate legislation addressing tort reform."

"It is conceivable that this proposal could get drawn into President Obama's healthcare reform plan and be changed or amended on the House floor," Becker cautioned. "But as the draft stands now, it's improved." He added PIA will oppose any effort to amend the legislation to include medical malpractice or any other line of insurance. PIA is a participant in a coalition of property/casualty insurers opposing repeal of McCarran-Ferguson.

The McCarran-Ferguson Act assigns the regulation of insurance to the states, providing them with the authority to enforce antitrust laws that prohibit anti-competitive activities such as price-fixing or market allocation. The primary purpose of the limited federal antitrust exemption provided under McCarran-Ferguson is to permit insurers to share data on insurance losses after the fact. This allows small and mid-sized insurers to develop sound actuarial models and sound pricing strategies that they could not develop with their own limited policyholder loss experiences.

"The limited federal antitrust exemption under the McCarran-Ferguson Act fosters robust competition in the marketplace that benefits consumers," said PIA National Executive Vice President & CEO Leonard C. Brevik. "It enables small and mid-sized insurers to offer consumers competitively priced insurance products."

"There are almost 4,000 insurance companies in the United States," Brevik said. "Many are small and mid-size insurance companies that rely on jointly collected, pooled historical loss data to underwrite their policies. If this were no longer allowed, many of these companies could be forced out of business, with just a relative handful of companies remaining."

"We've seen what happens when there are only a handful of large financial institutions, regulated inadequately by the federal government," Brevik said. "It led to the financial meltdown. Congress should not unintentionally repeat that mistake by restricting competition in the insurance industry and encouraging the creation of a handful of 'too big to fail' companies. While this bill is still ill-advised, this change makes it less onerous and protects competition in the marketplace."

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America(SM). PIA's web address is www.pianet.com.

This press release online at: http://www.pianet.com/NewsCenter/PressReleases/2-22-10.htm

SOURCE National Association of Professional Insurance Agents

Back to top

RELATED LINKS
http://www.pianet.com/

'/>"/>

SOURCE National Association of Professional Insurance Agents
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. LCA Hails International Investigators Studying Lung Cancer
2. National Patient Advocate Foundation Hails Senator Rockefeller for Introducing Bill Protecting Patient Access to Health Coverage
3. The Organic Trade Association Hails Preliminary Research Findings Showing Nutritional Benefits of Organic Products
4. Lung Cancer Alliance Hails Massachusetts Senator for Taking Lead on Lung Cancer Legislation
5. IOF hails WHO report and FRAXtm Web site as milestones in osteoporosis prevention and treatment
6. American Lung Association Hails Decision to Snuff Out Smoking in U.S. Senate Lounges
7. The Obesity Society Hails Republican Platform; Forum Set for Sept. 2 to Continue as Planned
8. Mental Health America Hails Approval of Federal Parity Legislation
9. Lung Cancer Alliance Hails Massachusetts State Senator for Taking Lead on Lung Cancer
10. Lung Cancer Alliance Hails Early Introduction of Comprehensive Lung Cancer Research Legislation
11. Pasadena Marathon Presented By Kaiser Permanente Hails Partnership With Tiffany & Co.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/16/2017)... ... 2017 , ... LabRoots , the leading provider of educational and interactive ... to announce Andrew Ly as the winner of the LabRoots Summer Textbook scholarship, awarding ... Ly, who is in his third year at the University of California, Los Angeles ...
(Date:8/16/2017)... ... 2017 , ... SGNA Standards of Infection Control in Reprocessing ... between patient procedures and before storage, is a requisite practice crucial to the ... prevention of disease transmission and nosocomial infection as cleaning and HLD.” The ...
(Date:8/16/2017)... VERO BEACH, Fla. (PRWEB) , ... August 16, ... ... living development and management company based in Vero Beach, announced today that two ... Florida Argentum, an organization that represents professionally managed senior living communities in Florida. ...
(Date:8/16/2017)... , ... August 16, 2017 , ... TopConsumerReviews.com recently gave ... Lab Testing . , The healthcare industry in the United States has undergone major ... the days of needing to have a doctor’s order to get a blood test ...
(Date:8/16/2017)... ... August 16, 2017 , ... Women’s ... chronic pelvic pain. In addition to oncology services, the new center will ... menorrhagia (abnormal heavy bleeding during menstruation), uterine fibroids, and uterine and pelvic adhesions ...
Breaking Medicine News(10 mins):
(Date:8/2/2017)... 2017  Life Flight Network and PeaceHealth Oregon Network announced ... care and operational efficiency for patients at hospitals in ... Cottage Grove , and Florence, Oregon ... Life Flight Network work collaboratively to move patients who require ... a time sensitive emergency exists. ...
(Date:7/31/2017)... , July 31, 2017 Three Tru-D SmartUVC ... South Korea . Tru-D, short for "Total Room Ultraviolet ... operating rooms after an environmental services (ES) professional cleans the area with ... ... "Although the BAACH ...
(Date:7/27/2017)...  Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today ... 2017.  The Company reported second quarter net sales of ... year period, and an increase of 2.1% on a ... contribution from the LDR Holding Corporation acquisition, second quarter ... 2016, or 0.3% on a constant currency basis. ...
Breaking Medicine Technology: