The Health Insurance Industry Fair Competition Act will take away the anti-trust exemption for health insurance companies, requiring them to compete fairly and adhere to the same anti-trust laws as other companies, Hinojosa said.
“This is a fair deal for all Americans especially for middle-class families who are facing higher premiums, a lower quality of coverage and limited choices,” said Hinojosa. “In the meantime, insurance companies continued to make record profits. That is going to stop.”
For 65 years, the health insurance industry has been legally exempt from anti-trust laws, and the federal government was banned from even investigating evidence of possible collusion. In the last 14 years alone, there have been 400 mergers among health insurers and now 94 percent of all insurance markets are “highly concentrated.”