15 U.S.C. § 38 — Association of marine insurance companies; application of antitrust laws

(a) Definitions used in this section: An "association" means any association, exchange, pool, combination, or other arrangement for concerted action. "Marine insurance companies" means any persons, companies, or associations authorized to write marine insurance or reinsurance under the laws of the United States or of a State, Territory, District, or possession. (b) The rule: Nothing in the "antitrust laws" named in section 12 of this title makes it illegal for marine insurance companies to enter into an association for these purposes: transacting a marine insurance and reinsurance business in the United States and in foreign countries, and reinsuring or otherwise apportioning among the association's membership the risks the association or any of its component members takes on.