te. Committee on JOINT HEARING BEFORE THE SUBCOMMITTEES OF THE COMMITTEES ON THE JUDICIARY SEVENTY-EIGHTH CONGRESS FIRST SESSION ON S. 1362, H. R. 3269, and H. R. 3270 BILLS TO AFFIRM THE INTENT OF CONGRESS THAT 91927 OCTOBER 20 AND 27 AND NOVEMBER 3, 1943 Printed for the use of the Committee on the Judiciary 1 UNITED STATES WASHINGTON: 1943 UNITED STATES OF AMERICA NOV 27:43 CONTENTS Bailey, Hon. Josiah W., United States Senator from North Carolina.. Biddle, Hon. Francis, Attorney Genecal of the United States. Williams, Edward L., Insurance Executives' Association. McKittrick, Hon. Roy, attorney general, Missouri.. Hancock, Hon. Clarence E., Member of Congress, New York.... Berge, Hon. Wendell, Assistant Attorney General, United States.. Ploeser, Hon. Walter C., Member of Congress, Missouri.. Baldridge, special assistant to the Attorney General George P. Comer, chief economist, Antitrust Division, Deparment of Hyder, Robert L., assistant attorney general, Missouri. Gruhn, A. V., manager, American Mutual Alliance, Chicago, Ill. Opinion of United States District Judge Underwood in the Case of United States of America v. South-Eastern Underwriters Association, et al------ INSURANCE WEDNESDAY, OCTOBER 20, 1943 CONGRESS OF THE UNITED STATES, SUBCOMMITTEES OF THE COMMITTEES ON THE JUDICIARY, Washington, D. C. The subcommittee met, pursuant to call, at 11 a. m., in the committee room of the Committee on the Judiciary, Senator Frederick Van Nuys (chairman) presiding. Present: Senators Van Nuys (chairman), McCarran, and Fergu son. Also present: Senator Bailey and Representatives Sumners, Hancock, and Walter. The CHAIRMAN. The committee will come to order. This is a meeting of the subcommittee of the Senate Committee. on the Judiciary to consider Senate bill 1362, sponsored by Senator Bailey and myself. I will ask the repórter to incorporate a copy of the bill in these proceedings. (S. 1362 is as follows:) [S. 1362, 78th Cong., 1st sess.] A BILL To affirm the intent of the Congress that the regulation of the business of insurance remain within the control of the several States and that the Acts of July 2, 1890, and October 15, 1914, as amended, be not applicable to that business Whereas prior and subsequent to the Acts of July 2, 1890, and October 15, 1914, the business of insurance was and has been, and is now, regulated by the several States; and Whereas, as a matter of local concern, the several States, respectively, each as it deems for the best interest of its citizens, do regulate all acts of insurance companies performed within their respective borders; and Whereas it has not been, nor is it now, the intent or the desire of the Congress to invade the rights of the States or to assume to itself functions which have long been accepted as best performed by the States; and Whereas there is now no need, through a Federal bureau or otherwise, for the Congress to displace or encumber the regulation by the States of the business of insurance; and Whereas it has not been, nor is it now, the intent of the Congress that the Acts of July 2, 1890, and October 15, 1914, as amended, be construed as applying to the business of insurance or as impairing the regulation of that business by the States; and Whereas it is in the public interest that Congress affirm its intent and desire and safeguard the States in the regulation of the business of insurance: Now, therefore, Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That nothing contained in the Act of July 2, 1890, as amended, known as the Sherman Act, or the Act of October 15, 1914, as amended, known as the Clayton Act, shall be construed to apply to the business of insurance or to acts in the conduct of that business or in any wise to impair the regulation of that business by the several States. |