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

Amends the McCarran-Ferguson Act to terminate the suspension of the applicability of Federal antitrust laws to the insurance industry on March 1, 1987. Provides that the Sherman Act, Clayton Act, and Federal Trade Commission Act shall apply to any agreement or act to boycott, coerce, or intimidate.

Directs the Federal Trade Commission to propose for public comment and adopt by March 1, 1987, antitrust exemptions for essential collective activities of the insurance industry.