NATION : ABA Urges U.S. Insurance Rules
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Associated Press
WASHINGTON — An American Bar Assn. study panel today recommended federal regulation of the insurance industry.
The 12-member ABA commission called for repeal of the 43-year-old McCarran-Ferguson Act, in which Congress generally left insurance regulation to the states. The commission, in a 183-page report, also urged that an agency with subpoena powers investigate whether improper industry collusion manipulates insurance availability and cost.
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