[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 84 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 84

    To modify the antitrust exemption applicable to the business of 
                               insurance.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 21 (legislative day, January 5), 1993

  Mr. Metzenbaum (for himself, Mr. Kennedy, Mr. Biden, and Mr. Simon) 
introduced the following bill; which was read twice and referred to the 
                       Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
    To modify the antitrust exemption applicable to the business of 
                               insurance.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Insurance Competitive Pricing Act of 
1993''.

SEC. 2. AMENDMENTS.

    Section 2 of the Act of March 9, 1945 (59 Stat. 34; 15 U.S.C. 
1012), commonly known as the McCarran Ferguson Act, is amended--
            (1) in subsection (b)--
                    (A) by striking ``: Provided, That after June 30, 
                1948,: and inserting ``except that'',
                    (B) by inserting ``section 5 of'' after ``Clayton 
                Act, and'',
                    (C) by inserting ``as such section 5 relates to 
                monopolies, attempts or conspiracies to monopolize, and 
                unlawful restraints of trade,'' after ``Commission Act, 
                as amended,'', and
                    (D) by striking ``that such Business'' and all that 
                follows through ``law.'' and inserting the following:
``that--
            ``(1) such business is not regulated by State law; or
            ``(2) the conduct of a person engaged in such business 
        involves--
                    ``(A) price fixing;
                    ``(B) allocation with a competitor a geographical 
                area in which, or persons to whom, insurance will be 
                offered for sale;
                    ``(C) unlawful tying the sale or purchase of--
                            ``(i) one type of insurance to the sale or 
                        purchase of another type of insurance; or
                            ``(ii) any type of insurance to the sale or 
                        purchase of any other service or product; or
                    ``(D) monopolizing, or attempting to monopolize, 
                any part of the business of insurance.'', and
            (2) by adding at the end the following:
    ``(c) The conduct referred to in subsection (b)(2) shall not 
include making a contract, or engaging in a combination or conspiracy--
            ``(1) to collect, compile, or disseminate historical loss 
        data;
            ``(2) to determine a loss development factor applicable to 
        historical loss data; or
            ``(3) to perform actuarial services if such contract, 
        combination, or conspiracy does not involve a restraint of 
        trade.
    ``(d) For purposes of this section--
            ``(1) the term `historical loss data' means information 
        respecting claims paid, or reserves held for claims reported, 
        by any person engaged in the business of insurance; and
            ``(2) the term `loss development factor' means an 
        adjustment to be made to reserves held for losses incurred for 
        claims reported by any person engaged in the business of 
        insurance, for the purpose of bringing such reserves to an 
        ultimate paid basis.''

SEC. 3. EFFECTIVE DATE.

    This Act shall take effect 1 year after the date of the enactment 
of this Act.

                                 <all>