A bill to amend the McCarran-Ferguson Act to limit the Federal antitrust exemption, with respect to the business of insurance, to certain enumerated insurance activities regulated under State law, and for other purposes.

Amends the McCarran-Ferguson Act by exempting only the following activities of the insurance industry from Federal antitrust laws, to the extent that such activities are regulated by State law: (1) collection and dissemination of historical loss data; (2) preparation, dissemination, and filing of policy forms, endorsements, classifications, and terms of coverage; (3) preparation or dissemination of rate data based on losses, which includes historial data, but does not include trended data; (4) participation in joint underwriting pools, including residual market mechanisms; (5) participation in research, surveys, audits, and inspections for classification purposes; and (6) collection or dissemination of information regarding fraudulent claims and practices.

Declares that nothing in this Act preempts State action with respect to certain insurance activities in any case in which the State clearly articulates an anticompetitive policy and actively supervises any private conduct involved.