The insurance industry has anti-trust exemption?
Am I the only person alive who didn’t know that? There’s a piece in today’s NYTimes saying that Obama, (oh-so-rightfully) angered by the industry’s scare tactics in fighting health care reform, has threatened to remove its anti-trust exemption.
Why the heck did it have it in the first place? I still haven’t gotten my mental arms around the idea that a New Yorker can’t buy insurance from a California company — the intra-state rules are anticompetitive, no? And now i find out that they can happily — and legally — form a cartel?
Yes, I’m still a proud American. Yes, I’m still a capitalist. Yes, it’s getting harder and harder to be either, let alone both…
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The exemption allows them to share ratings information, which is supposed to help smaller companies that could not afford to do it on their own. I’m not convinced.
nor am I. And at this stage, i wonder how many independent small companies there are…
In response to another comment. See in context »