By a vote of 406 to 19, the U.S. House has approved H.R. 4626, the Health Insurance Industry Fair Competition Act.
The bill seeks to repeal the longstanding antitrust exemption that health insurance companies were granted by the McCarran-Ferguson Act. Not surprisingly the vote is eliciting a strong response from the heath insurance industry.
“Health Insurers are already highly regulated and National Association of Insurance Commissioners has determined that anti-competitive behavior is not allowed,” Brett Lieberman, a spokesperson for the
Karen Ignagni, president and CEO of
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“The IIABA is concerned that, at a time when small businesses across the country are struggling with skyrocketing health care costs, Congress is sidetracked on legislation that will do nothing to contain these costs or bend the cost curve,” Charles Symington, IIABA SVP of government affairs said in a statement.