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(From Reinsurance)
In comments filed with an obscure US federal commission, New York State Attorney General Eliot Spitzer's office has submitted testimony saying that the 60-year-old McCarran-Ferguson Act is overdue for repeal.
Spitzer was responding to a call by the Anti-trust Modernisation Commission for comments on immunities and exemptions from anti-trust prosecution.
Mr Spitzer's office also recommended preserving the state-action doctrine, under which state-regulated business conduct can be immunised from federal anti-trust liability, so long as the action is clearly articulated and affirmatively expressed as state policy, and the policy is actively supervised by the state itself.
Mr Spitzer's office said the doctrine could be applied to insurers in a way that would allow them to comply both with a broad spectrum of state regulation and federal anti-trust laws. The NY Attorney General has defended state regulation of insurance in the past, specifically as it applies to state consumer-protection statutes.
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