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Federal Insurance Office (FIO)

A federal office within the Department of the Treasury, established by the Dodd-Frank Act, responsible for monitoring the insurance industry, advising on insurance matters, and representing the U.S. in international insurance forums. This bill would eliminate it.

United States Insurance Representative

A new position proposed by this bill within the Department of the Treasury, tasked primarily with coordinating federal policy on international insurance issues and representing the U.S. in global insurance discussions.

Preemption

The legal principle where a higher level of government's law (in this case, federal law based on international agreements) takes precedence over a lower level of government's law (state law) when there is a conflict or overlap.

Covered Agreements

International agreements related to insurance that the U.S. government has entered into with other countries, which could include trade agreements or agreements on regulatory standards.

Prudential Aspects

Refers to the financial soundness and stability of insurance companies, including their solvency, capital requirements, and risk management practices, as opposed to market conduct or consumer protection.

McCarran-Ferguson Act

A federal law from 1945 that largely exempts the insurance industry from federal antitrust laws and gives states the primary authority to regulate the 'business of insurance.' This bill's title, 'McCarran-Ferguson Restoration Act,' suggests a return to this principle, though the bill itself introduces new federal powers.