John Garamendi: “If you look at those major elements, they do in fact give the insurance industry the opportunity to collude, because…”

“If you look at those major elements, they do in fact give the insurance industry the opportunity to collude, because that is the data that sets future prices for consumers as well as payments for doctors. I know this business. I was the Insurance Commissioner in California for 8 years. And I know that if an insurance company is able to collude in collecting, compiling, classifying, or disseminating historic data and determining a loss development factor, and finally, using actuarial services, they have the power to collude. This is an incredible loophole. It should never be allowed. And the final point having to do with the insurance commissioners collecting data, nowhere in any antitrust laws are States precluded from any collection of data. This ought not be put forth. I ask for a 'no' vote.”