Antitrust

  • We would have been subject to antitrust action had we tried to develop that in the profession alone; they had to be in the regulation.

--  FRANK S. IRISH, (ASB - Actuarial Standards Board)

1995 - Sales Illustrations, Society of Actuaries

  • Departure from the past practice of avoiding antitrust laws can only happen when the regulators take the lead.
  • The ASB cannot make these changes by itself. 

--  Frank S. Irish: (Actuarial Standards Board - ASB)

1996 - Professional Standards Affecting Life Actuaries, Society of Actuaries - 18p

Mr. HUNTER. Thank you, Mr. Chairman. We have come a long way, Mr. Chairman, since April 11, 1984, when Chairman Rodino opened the first set of these hearings and received a statement from Senator Pepper, who had opposed on the floor of the Senate the McCarran bill.
Mr. BROOKS. Senator Pepper?
Mr. HUNTER. Senator Pepper, yes.
Mr. BROOKS. Claude Pepper?
Mr. HUNTER. Claude Pepper.
Mr. BROOKS. He was against it. I want to tell you all the truth now. Claude Pepper told me that he was against this bill when it passed in 1945.
Mr. HUNTER. That is right.
Mr. BROOKS. That he tried to kill it, and they had it killed. He held it up and they harassed him and harassed him, and after 2 or 3 days of agony they finally passed it over his objection and his serious distrust and opposition.
Mr. HUNTER. That is right.
Mr. BROOKS. And he said it is not any better now than it was when I fought it in 1945.
Mr. HUNTER. That is right.
Mr. BROOKS. Pepper was an interesting man. You all would have loved him-some of you. [Laughter.]

Mr. HUNTER. Even before the April 1984 hearings started, you had the

  • Department of Justice study which concluded that the antitrust exemption should be narrowed.
  • the Carter Commission on Antitrust Laws and Procedures.
  •  There is a long list of supporters, the American Bar Association, consumer groups, and so on, the AFL-CIO, business groups-a very broad coalition.
  • Editorials from the New York Times supporting change, supporting your position, Business Week, Journal of Commerce, the LA Times yesterday.
  • The insurance industry and a few others are opposing, but even they are beginning to come around.
  • You have the American Insurance Association now willing to discuss change; they don't support your bill but they are willing to come to the table.
  • And others-the Alliance of American Insurers has shown some flexibility.
  • The ACLI showed some and then retracted.
  • But there is a great deal of activity going on even in the insurance industry.

-- j. Robert Hunter

1991 GOV Insurance Competitive Pricing Act of 1991 237p