Insurance Competitive Pricing Act of 1994

Insurance Competitive Pricing Act of 1994 - Amends the McCarran-Ferguson Act to eliminate the antitrust exemption applicable to the business of insurance, except with respect to specified activities including conduct involving: (1) historical loss data; (2) loss development; (3) standard policy forms; (4) insurance manuals; (5) public necessity market mechanisms; (6) historical underwriting capacity risk pools; (7) building inspections; (8) worker's compensation experience rating; (9) trending (i.e., the projection of developed losses to estimate current and future risks of loss) during a three-year transition period; (10) educational activities of a national or affiliated State trade association whose members are insurance agents; and (11) independent reports by an agent to a local trade association.

Specifies that, subsequent to the transition period, the independent purchase of a trend factor by a person engaged in the business of insurance from a person not engaged in providing insurance (and not affiliated with a person engaged in providing insurance) shall be presumed not to violate the antitrust laws.

Preserves current law regarding applicability of the non-antitrust aspects of the Federal Trade Commission Act to the business of insurance.

Directs the Attorney General to: (1) publish in the Federal Register, and make available to the public, historical underwriting capacity risk pool notifications; (2) issue letters in response to requests for a business review letter regarding the application of the antitrust laws to specified activities of an underwriting capacity risk pool of which a person engaged in the business of insurance is, or intends to become, a member; (3) conduct a study to determine the effect of this Act on such business; and (4) report to specified congressional leaders summarizing the results of the study.