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Insurance Oversight Reform: Eliminating FIO and Strengthening State Regulatory Power

This Act eliminates the Federal Insurance Office (FIO) and establishes a new United States Insurance Representative (USIR) within the Treasury Department, primarily focused on international insurance coordination. The law protects state authority to regulate issues like rates, premiums, and coverage requirements by prohibiting their preemption. Furthermore, a State Insurance Commissioner is added as a voting member of the Financial Stability Oversight Council (FSOC).
Key points
The Federal Insurance Office (FIO) is eliminated and replaced by the US Insurance Representative (USIR), focusing on international insurance policy.
The Act prohibits the preemption of state insurance measures governing rates, premiums, sales practices, and coverage requirements.
A State Insurance Commissioner is added as a voting member to the Financial Stability Oversight Council (FSOC).
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Status: Introduced
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Additional Information
Print number: 119_HR_7130
Sponsor: Rep. Downing, Troy [R-MT-2]
Process start date: 2026-01-16
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

McCarran-Ferguson Restoration Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_7130.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2026-01-16.

What are the main provisions?

Key points include:

  • The Federal Insurance Office (FIO) is eliminated and replaced by the US Insurance Representative (USIR), focusing on international insurance policy.
  • The Act prohibits the preemption of state insurance measures governing rates, premiums, sales practices, and coverage requirements.
  • A State Insurance Commissioner is added as a voting member to the Financial Stability Oversight Council (FSOC).
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Downing, Troy [R-MT-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-02-05.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law