Insurance Regulations
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Before you leap to wild conclusions about the McCarran-Ferguson Act, it would be realistic to get your facts straight (“The Insurance Mess,” editorial, March 28). This act did not exempt the insurance industry from most antitrust laws. What it did was two things: It delegated control of the insurance industry to the states, and it permitted pooling of statistical information on losses, expenses, and other related matters for the purposes of providing a broad statistical base that all companies, large and small, could use as they saw fit.
The fact is, all companies deviate their rates substantially from Insurance Services Office Inc. published rates--in California and in most other states. The insurance industry is fiercely competitive, and repeal of the McCarran-Ferguson Act would create chaos in the business to the detriment of the insuring public.
I urge you to look at this very serious and complex subject objectively and on an informed basis instead of shooting from the hip.
ROY REDMAN
Whittier
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