Ever since the U.S. Supreme Court ruled that the fire-insurance business is subject to federal regulation, the industry has been under sentenceof what, it was not exactly sure. Last week, the Senate clarified the sentence. It passed a bill which would provide the lightest of federal control over the $6 billion business.
The bill was approved by most insurance men as well as by monopoly-hating Senator Joseph C. O'Mahoney who had blocked a previous attempt to fence off the industry from any federal control. The bill would leave regulation of insurance where it is now, in the hands of the states....
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