A bill to repeal the McCarran-Ferguson Act, and for other purposes.

Repeals the McCarran-Ferguson Act (relating to the regulation of the business of insurance), effective one year after enactment of this Act.

States that treble damages and criminal penalties for alleged violations of Federal antitrust law may not result from conduct (which would have been lawful under the McCarran-Ferguson Act) occurring within two years of enactment of this Act.

Provides that no relief shall be granted against any person for conduct occurring within two years of enactment of this Act if the defendant relied in good faith on an advisory opinion issued by the Department of Justice.