The National Association of Insurance Commissioners implored Congress today to consider insurers’ antitrust exemption as “separate and distinct” from the optional federal charter issue.
But the American Council of Life Insurers later said it opposed the NAIC position, arguing that the 2 issues should be addressed in tandem.
The NAIC’s position was voiced today by Susan Voss, Iowa insurance commissioner, in testimony before the Senate Judiciary Committee.
She appeared on a panel of consumer advocates and another on the implications of repealing the insurance industry’s exemption from antitrust provisions of the McCarran-Ferguson Act.
In her testimony, Voss said the NAIC opposed coupling a proposed repeal of McCarran-Ferguson with creation of an optional federal charter.
“While some of the industry’s largest players advocate for deregulation through a so-called federal charter and would encourage coupling the 2 issues, the NAIC supports reconsideration of the limited federal antitrust exemption as a separate and distinct policy matter,” she said