McCarran-Ferguson Restoration Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the McCarran-Ferguson Restoration Act, aims to eliminate the Federal Insurance Office (FIO) within the Department of the Treasury and establish a new United States Insurance Representative. It effectively reverses some aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding insurance regulation. The bill’s primary goal is to restore a more state-based approach to insurance oversight, reducing federal involvement in prudential regulation of insurance products.
Key provisions
- Eliminates the Federal Insurance Office and its director.
- Creates a United States Insurance Representative within the Department of the Treasury.
- The Representative’s duties include coordinating federal policy on international insurance matters, representing the Treasury in the International Association of Insurance Supervisors, and assisting with the Terrorism Insurance Program.
- Defines ‘covered agreements’ as bilateral or multilateral agreements between the U.S. and foreign governments regarding insurance prudential measures.
- Establishes a process for preempting state insurance measures by the United States Insurance Representative if they are inconsistent with covered agreements.
- Specifies that health insurance, long-term care insurance, and crop insurance are exempt from the Representative’s authority.
- Amends the Dodd-Frank Act to remove the FIO and adjust the Financial Stability Oversight Council membership to include a State insurance commissioner.
Bill text
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6 on record
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