McCarran-Ferguson Restoration Act

The McCarran-Ferguson Restoration Act eliminates the Federal Insurance Office and creates a "United States Insurance Representative" within the Treasury Department to coordinate federal insurance policy and represent the U.S. internationally. This position would determine when state insurance regulations might be preempted by international agreements, while maintaining state authority over most insurance matters including health, long-term care, and crop insurance. The bill requires the Representative to consult with states, publish notices, and allow a 30-day period before any preemption takes effect. This legislation aims to streamline international insurance regulatory coordination while preserving state-level oversight of insurance regulation.