Under the McCarran-Ferguson Act, states are the primary regulators of the business of insurance, including independent insurance agents and brokers, but there are many facets of federal law and regulation that can impact the state regulatory system and insurance agents. The Big "I" remains dedicated to a modernized state-based system of insurance regulation and firmly believes that the attributes of this system dramatically outweigh any perceived inefficiencies. As a result, the Big “I” supports significantly restricting or eliminating the Federal Insurance Office.

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