McCarran-Ferguson Restoration Act

The McCarran-Ferguson Restoration Act would eliminate the Federal Insurance Office within the Department of the Treasury and replace it with a new position, the United States Insurance Representative, to be appointed by the Secretary of the Treasury within one year of enactment. This representative would coordinate federal policy on international insurance prudential matters, represent the U.S. in international insurance forums, assist in negotiating covered agreements, and determine whether state insurance measures are preempted by such agreements, subject to procedural requirements including consultation, public notice, and administrative review. The bill applies to all lines of insurance except health, long-term care (unless combined with life/annuity), and crop insurance, and includes reporting requirements to Congress while preserving existing Treasury authority and limiting the representative’s supervisory power over insurance business.