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:6/26/2016)... Lake Orion, Clarkston, Michigan (PRWEB) , ... June ... ... direction with respect to fertility once they have been diagnosed with endometriosis. These ... tolerable intercourse but they also require a comprehensive approach that can help for ...
(Date:6/25/2016)... ... , ... The temporary closing of Bruton Memorial Library on June 21 due to a possible ... often overlooked aspect of head lice: the parasite’s ability to live away from a human ... but a necessary one in the event that lice have simply gotten out of control. ...
(Date:6/25/2016)... ... ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors in ... School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green Hospital ... at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train in ...
(Date:6/25/2016)... Montreal, Canada (PRWEB) , ... June 25, 2016 , ... ... the pursuit of success. In terms of the latter, setting the bar too high ... low, risk more than just slow progress toward their goal. , Research from ...
(Date:6/24/2016)... ... ... June 19, 2016 is World Sickle Cell Observance Day. In an effort to ... treatments, Serenity Recovery Center of Marne, Michigan, has issued a pain management ... (SCD) is a disorder of the red blood cells, which can cause episodes of ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... Jazz Pharmaceuticals plc (Nasdaq: JAZZ ) announced ... Act of 1976, as amended ("HSR"), with respect to ... CPXX ) expired effective June 24, 2016, ... previously announced on May 31, 2016, Jazz Pharmaceuticals and ... Jazz Pharmaceuticals has commenced a tender offer for all ...
(Date:6/24/2016)... , June 24, 2016  Collagen Matrix, ... design, development and manufacturing of collagen and mineral ... announced today that Bill Messer has ... Marketing to further leverage the growing portfolio of ... devices. Bill joins the Collagen Matrix ...
(Date:6/24/2016)... -- Research and Markets has announced ... Applications, Technologies, Forecasts" report to their offering. ... Smart Skin, Structural Health Monitoring, Composite Smart Structures, ... involves electronic and/or electrical components and circuits that ... such as vehicle bodies or conformally placed upon ...
Breaking Medicine Technology: