The National Association of Insurance Commissioners (NAIC) welcomed U.S. Rep. Troy Downing’s introduction of the McCarran-Ferguson Restoration Act, endorsing the bill’s aim to reaffirm state primacy in US insurance regulation. The legislation would abolish the Federal Insurance Office (FIO) at the US Department of the Treasury, created in 2010, and replace it with a US Insurance Representative appointed by the Treasury Secretary to retain Treasury expertise for specific functions including international representation and support for administration of the Terrorism Risk Insurance Act (TRIA). It would also grant voting status on the Financial Stability Oversight Council (FSOC) to the state-based system’s representative, addressing the NAIC’s position that state insurance regulators are currently the only primary financial regulators without a vote on FSOC.
National Association Of Insurance Commissioners 2026-01-16
NAIC backs McCarran-Ferguson Restoration Act to abolish the Federal Insurance Office and give state insurance regulators a vote on FSOC
The National Association of Insurance Commissioners supports the McCarran-Ferguson Restoration Act, which seeks to reaffirm state primacy in US insurance regulation by abolishing the Federal Insurance Office and establishing a US Insurance Representative. The bill also proposes granting voting status on the Financial Stability Oversight Council to the state-based system’s representative.