Insurance Competition Improvement Act

[AI summary unavailable — showing source text] Insurance Competition Improvement Act - Amends the McCarran-Ferguson Act to direct the several States to regulate the business of insurance in accordance with the provisions of this Act. Prohibits the joint gathering of insurers to make use of joint loss data for the purpose of setting the price of any insurance coverage, unless such use is essential to the operation of that insurer's business because of lack of actuarial credibility. Prohibits such joint gathering for the purpose of disseminating information on any expenses incurred in sales or underwritings or for the purpose of calculating insurance rates. Provides that specified sections of the Federal Trade Commission Act shall not be applicable to the insurance business to the extent such business is regulated by State law in accordance with this Act. Sets forth definitions of terms used in this Act. Prohibits discrimination by insurers in the sale, issuance, underwriting, rating, or processing of any insurance policy. Disallows the use of statistics showing group losses, except in the case of occupational duties. Provides that no insurer may cancel, fail to renew, or make available any coverage made available to other policy…