Two Republican congressmen introduced legislation to eliminate the Federal Insurance Office and replace it with a narrower position at the Department of the Treasury, a move backed by a major insurance trade group.
The McCarran-Ferguson Restoration Act, introduced by Rep. Troy Downing, R-Mont., a former state insurance commissioner, and Rep. Scott Fitzgerald, R-Wis., would create a U.S. Insurance Representative position while eliminating FIO. The new position would represent the federal government on international insurance matters, hold a nonvoting seat on the Financial Stability Oversight Council and assist in administration of the Terrorism Risk Insurance Program.
The National Association of Mutual
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