WASHINGTON— March 22, 2010 - David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), issued the following statement in response to the United States House of Representatives’ passage of landmark health care legislation that excludes provisions to repeal the McCarran-Ferguson Act:
“The landmark health care legislation does not include a repeal of the limited antitrust delegation for insurance.
“We appreciate that Congress recognized repealing McCarran-Ferguson would not provide any benefits to the consumer or the insurance marketplace.
“The McCarran-Ferguson Act delegates insurance regulation and most enforcement of antitrust laws to the states. Every state already has a comprehensive insurance code that governs the insurance industry, including subjecting the industry to strict antitrust enforcement.”
PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $180 billion in annual premium, 37.4 percent of the nation’s property casualty insurance. Member companies write 44 percent of the U.S. automobile insurance market, 30.7 percent of the homeowners market, 35.1 percent of the commercial property and liability market, and 41.7 percent of the private workers compensation market.