[Congressional Record Volume 156, Number 25 (Thursday, February 25, 2010)]
[Extensions of Remarks]
[Page E245]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             HEALTH INSURANCE INDUSTRY FAIR COMPETITION ACT

                                 ______
                                 

                               speech of

                            HON. BART STUPAK

                              of michigan

                    in the house of representatives

                      Wednesday, February 24, 2010

  Mr. STUPAK. Mr. Speaker, the insurance industry and Major League 
Baseball are the last industries in our country not subject to Federal 
anti-trust laws.
  The insurance industry can collude to set rates, resulting in higher 
premiums than true competition would achieve.
  Because of the exemption, rate increases are not reviewed by the 
Federal Government.
  Today I held a hearing of the Energy and Commerce Subcommittee on 
Oversight and Investigations evaluating the most recent and egregious 
example of this. In California, WellPoint's Anthem Blue Cross plan 
recently raised premiums by an astounding 39 percent.
  One of the most effective actions Congress can take to lower health 
care costs is to remove the health insurance industry's anti-trust 
exemption.
  This legislation would create competition in the health insurance 
market and lower the overall cost of health insurance for consumers.
  According to the American Medical Association, 94 percent of 
insurance markets in the United States are now highly concentrated. In 
my state of Michigan, one company controls 63 of the health insurance 
market.
  Insurers are thriving in the anti-competitive marketplace, raking in 
enormous profits and paying out huge salaries to top executives.
  Meanwhile, American families are struggling to pay their mortgages, 
credit card bills and medical expenses. Many are losing their health 
insurance altogether with the loss of their jobs.
  Yet health insurance companies continue to thrive, at the expense of 
struggling Americans.
  It is about time that insurance companies play by the same rules as 
every other American industry.
  I urge Members to support this legislation, to a establish a fair 
insurance market that encourages competition and lower costs.

                          ____________________