Congress Passed and the President Signed the Competitive Health Insurance Reform Act of 2020 (CHIRA).
CHIRA Calls for Health Insurance Companies to NO LONGER Be Exempt from Antitrust Regulation.
Since 1945, Insurance Companies Where Not Subject to Federal Antitrust Regulation because of the McCarran-Ferguson Act Signed by FDR.
CHIRA Passed by a Unanimous Vote in the Senate. Why Did Every Senator Agree to Subject Health Insurance Companies to Antitrust Regulation. One Cannot Get Senators to Agree on Anything!
A Possible Reason is that Health Insurance Companies Have Made Record Profits During the COVID-19 Pandemic… While the Rest of America Suffers and Our Country Endures a National Tragedy.
No Politician Could Be Seen Protecting the Health Insurance Industry in this Environment.
The Department of Justice Said in a Press Release that they Were Eager to Take Advantage of their New Antitrust Powers with Health Insurance Companies.
The National Law Review Even Wrote that Private Antitrust Litigation Against Health Insurance Carriers Is Now Possible.
Sources:
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Thank you for this great synopsis! Do you have examples of something(s) an insurance company might do that would be considered anti-trust?
This makes a ton of sense. For those who are mad about the money Health Insurance companies made from cancelling elective procedures, keep in mind most people didn't permanently cancel those procedures. They just delayed them. So while all of these Health Insurance companies seem to be making a ton of money, they will need that money to pay for those procedures when they are finally done in future years. That doesn't mean there aren't other areas where insurance companies are getting away with things because they aren't subject to anti-trust laws. I absolutely believe they should be subject to anti-trust laws. I'm just saying sometimes these issues are a lot more complex than we think, and we need to make sure we truly understand the issues before we take knee-jerk regulatory action. Thanks for the explanation. I had no idea this had happened.
Why were they ever immune to anti-trust law?
did the suit against BCBS help precipitate this, finally? (`sorry, info. on this seems pretty sparse to a "search google" goof like myself. `thanks for sharing.)
I hope this law has some real teeth. The oligopoly of insurance carriers has been throwing its weight around for too long.
The insurance companies should be a shame of themselves but, who are we trying to blame. The ins-companies doesn’t pay regardless Covid or no Covid. They will denied your claim because of medical necessary then, never pay. It’s sad that Covid had to happened for the people to realize that. They just don’t give a F…. then we have the government asking us to get Obamacare or to go through the Affordable Act ins site for the insurance company to collect the premium and applied all your medical bills to your deductible. You gotta love the system.
I remember when I got a check back from my auto insurance because of the lack of driving. Hmm…
Excellent recap of a needed law to make insurance companies more accountable during a worldwide crisis. Next on their target should be Amazon and the like…