Bill > HR7130

This bill, titled the "McCarran-Ferguson Restoration Act," proposes to eliminate the Federal Insurance Office (FIO) within the Department of the Treasury and replace it with a newly established position called the United States Insurance Representative. The Representative will be responsible for coordinating federal efforts and developing policy on international insurance matters, representing the Treasury Department in international insurance forums, assisting in negotiating international agreements related to insurance, and determining if state insurance laws conflict with these agreements. The bill specifies that the Representative's authority will not extend to health insurance, long-term care insurance (unless bundled with life or annuity components), or crop insurance. It also outlines a process for determining when state insurance measures might be preempted by international agreements, requiring consultation with states and public notice. Additionally, the bill makes changes to the membership of the Financial Stability Oversight Council, adding a State insurance commissioner appointed by the President, and removes references to the FIO from other federal laws, such as the Dodd-Frank Act.

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https://www.congress.gov/bill/119th-congress/house-bill/7130/all-info