Wednesday, May 12, 2010

Insurance Companies Anti-Trust Exemption Back on the Table - Thank God!

Patrick Leahy Proposes Amendment To Wall Street Reform Bill To Repeal Antitrust Exemption For Health Insurers the Amendment is Cosponsored By 21 Senators.

The Insurance companies don't want this and here is their one and only talking point: Health insurers have argued that State insurance regulators already apply antitrust rules to health insurers when health insurers are making acquisitions and setting prices, and that antitrust repeal would backfire, by reducing small health insurers’ ability to get the claims data they need to stay in the health insurance market.

I would add that isn't it so heart warming that these kindly and caring insurance companies don't want to shut the door on their smaller competitors and bleed every cent out of the insurance markets for themselves? I mean that fits their method of operation to a tee you know the one that denies claims to sick people over typos and pre-existing conditions.

I call the Insurance Companies concern over small insures ability to stay in the markets big time "bullshit, bullshit, bullshit".

Ha, like they care about their smaller competitors. Who do they think they are fooling??!!!

The bottom line is that a single State lacks adequate funding to take on Transnational, International, and National Insurance Companies.

If a State ever wanted to bring suit it would drain every last cent out of their meager over burdened coffers and budgets. They could close all the fire stations in the State, and still only be able to last a month suing a behemouth Insurance Company with a National or International footprint. Get real!

In other words the Insurance Companies have enormously deeper pockets than an individual State and can operate with impunity knowing an individual State isn't going to risk its meager budget suing a National or Transnational Corporate Conglomerate for not following their laws. The only one big enough to take on the Insurance industry is the Federal Government.

Therefore to ensure compliance the anti-trust exemption has to be repealed.

The insurance industry argument is specious at best and complete bullshit as if they care about their competitors - only to the extent of how much their competitors take away even one cent from their profits....did I say it enough - complete and utter bullshit!

Write Senaator Leahy and thank him for addressing this issue of Supreme Corporate Power and Impunity in the face of the will of the people, for the people, by the people.

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