1979 0524 - GOV (Senate) - Cost Disclosure in Life Insurance, Senator Metzenbaum (D-OH)
- 1979 0524 - GOV (Senate) - Cost Disclosure in Life Insurance, Howard Metzenbaum (D-OH) --- [BonkNote]
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- Senate - Committee on the Judiciary - Subcommittee on Antitrust, Monopoly and Business Rights
- (p1) - Opening Statement of Senator Metzenbaum
- Today the Subcommittee on Antitrust and Monopoly begins its examination of cost disclosure in life insurance.
- Life insurance is a tremendous business in this country.
- Americans carry 140 million ordinary life policies, with nearly $1.3 trillion in coverage.
- Cash-value life insurance accounts for more than 20 percent of total savings in this country-second only to deposits in savings and loan institutions.
- The business of life insurance is presently exempt from the Federal antitrust laws under the McCarran-Ferguson Act.
- It is the only major financial business without Federal regulation.
- This is a unique situation.
- It is fair to ask how well has the industry operated under this system.
- Do consumers of insurance enjoy the benefits of competition?
- Are consumers able without heroic efforts to find the best coverage for their needs at the lowest cost?
- And are consumers able to readily understand precisely what kind of coverage they are buying?
- My staff has conducted a major investigation of these issues.
- I must say today that I was shocked when I saw its findings.