McCarran-Ferguson Restoration Act

Consumer Protection Standards: Under section 3(d)(2)(B), any determination to preempt a State insurance measure must achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State regulation.

Administrative Oversight and Transparency: The bill requires the United States Insurance Representative to publish notices in the Federal Register regarding potential preemption and to submit annual reports to Congress regarding actions taken (Section 3(d)(2) and Section 3(i)(1)).

Expertise in Insurance Matters: The Secretary is directed to hire and retain individuals with expertise in matters related to insurance to serve as the United States Insurance Representative (Section 3(a)).

Consultation with State Officials: The United States Insurance Representative is tasked with consulting with States and State insurance regulators regarding insurance matters of national and international importance (Section 3(b)(6)).

Preemption of State Insurance Measures: The bill allows the United States Insurance Representative to determine that a State insurance measure is preempted by a covered agreement, which means no State may enforce that measure (Section 3(d)(1) and Section 3(d)(4)).

Changes to State Authority: The Representative can determine if a State insurance measure results in less favorable treatment of a non-United States insurer compared to a United States insurer, which may impact how State measures are applied (Section 3(d)(1)(A)).

Federal Authority over Insurance Lines: While certain areas like health, long-term care, and crop insurance are excluded or limited, the authority of the United States Insurance Representative extends to the prudential aspects of all other lines of insurance offered in the United States (Section 3(c)).