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October 29, 2004 at 08:00 PM
NU Online News Service, Oct. 29, 2004, 2:10 p.m. EST
Congress should repeal a law that stops the Federal Trade Commission from investigating the insurance industry, a consumer group says.[@@]
Commenting on New York Attorney General Elliot Spitzer’s widening investigation into alleged bid rigging and improper payments among brokers and carriers, the Consumer Federation of America, Washington, complains that Spitzer has virtually had to go it alone, without federal help.
The CFA argues that in 1981, Congress passed a law prohibiting FTC investigations on most insurance matters. The law only allows the FTC to conduct probes of the industry if specifically asked to do so by a Congressional committee.
