The U.S. House of Representatives passed the Health Insurance Industry Fair Compensation Act by a margin of 406-19. This act would remove the antitrust exemption currently provided to the health insurance industry under the McCarran-Ferguson Act of 1945. However, the version of the act passed by the House allows the medical professional liability insurance industry to continue to operate under the McCarran-Ferguson Act.
Industry groups American Insurance Association and Property Casualty Insurers of America issued a joint statement saying, in part:
“We are pleased that lawmakers acknowledged that medical professional liability insurance is not a health insurance product and was not included in the final bill. It’s also a testament to the industry’s efforts to educate lawmakers about the competition in the property-casualty sector and the regulatory tools in place that protect consumers and promote competition in the marketplace.”
In order to become law, the act needs to be approved by the Senate where supporters will be seeking the 60 votes needed to avoid possible filibuster by those who do not favor the legislation.
Let us know what you think of the Health Insurance Industry Fair Compensation Act.