Changes how the federal government oversees insurance and works with states.
This bill would get rid of the Federal Insurance Office and create a new United States Insurance Representative within the Treasury Department. This new representative would handle international insurance matters and could overrule some state insurance rules that conflict with international agreements. The bill would also add a state insurance commissioner as a voting member to a major financial oversight council, giving states a direct voice.
Today: The Federal Insurance Office (FIO) exists within the Treasury Department, handling federal insurance policy and representing the U.S. internationally. The FIO Director is a non-voting member of the Financial Stability Oversight Council (FSOC). State insurance regulators have primary authority over insurance, with some federal involvement. After the bill: The FIO would be gone. A new United States Insurance Representative (USIR) would take over international coordination and could, under strict conditions, overrule state insurance rules that conflict with international agreements. A State insurance commissioner would become a new voting member of the FSOC. The USIR would replace the FIO Director as a non-voting member.
HR 7130 · 119th Congress · AI Summary by gemini-2.5-flash · 10/10
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16 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.