The McCarran-Ferguson Restoration Act eliminates the Federal Insurance Office (FIO) within the Treasury Department and replaces it with a new United States Insurance Representative position. The Representative will coordinate federal insurance policy on international matters, represent the U.S. in international insurance supervisory organizations, and has authority to determine when state insurance laws conflict with international trade agreements covering insurance. The bill also adds a state insurance commissioner to the Financial Stability Oversight Council, appointed by the President with Senate confirmation and selected from candidates recommended by state insurance regulators. The bill does not grant the new Representative broad regulatory power over insurance and specifically excludes health insurance, long-term care insurance, and crop insurance from their authority while protecting state authority over insurance rates, coverage requirements, and insurer solvency standards. The Representative must provide states with notice and opportunity to comment before preempting any state insurance measure, with such determinations subject to court review.
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