A bill to repeal the current broad antitrust immunity granted by the McCarran-Ferguson Act, and substitute in lieu thereof a grant of rule-making authority to the Federal Trade Commission to affirm the legality under the antitrust laws of certain essential collective activities by the insurance industry.

Repeals the McCarran-Ferguson Act which provides exemptions from the antitrust laws for the business of insurance. States that such business should remain subject to State regulation and taxation.

Establishes an exemption from the antitrust laws for the insurance business effective until February 1, 1980, but declares that such exemption shall not apply to any act or agreement to boycott, coerce, or intimidate.

Directs the Federal Trade Commission to propose rules for public comment which would exempt from the antitrust laws essential collective activities of the insurance business. Requires such rules to take effect no later than February 1, 1980.