McCarran-Ferguson Restoration Act

This bill would eliminate the Federal Insurance Office and its Director within the Department of the Treasury. It would direct the Treasury Secretary to appoint a United States Insurance Representative within one year to coordinate federal policy on international insurance matters, represent Treasury in an international insurance supervisors group, help negotiate international insurance agreements, and help run the federal terrorism insurance program. The Representative could decide that a state insurance rule is overridden when it treats foreign insurers less favorably than U.S. insurers and conflicts with an international agreement, after notice and public comment. The bill would also add a state insurance commissioner, appointed by the President with Senate approval, as a voting member of the Financial Stability Oversight Council, and make the new Representative a nonvoting member.

Full text and official record on Congress.gov

Sponsors

• Troy Downing Republican sponsor
• 5 cosponsors