This bill eliminates the Federal Insurance Office (a Treasury Department agency) and replaces it with a new position called the United States Insurance Representative. The main purpose is to shift how the federal government handles international insurance matters and trade agreements. Instead of having a dedicated office with a director, the Treasury Secretary will now appoint a single Insurance Representative to handle federal insurance policy on the international stage. This person will represent the U.S. in international insurance discussions, help negotiate trade agreements involving insurance, and work with state insurance regulators. The bill also adds a State Insurance Commissioner to the Financial Stability Oversight Council (a group that monitors risks to the financial system), who will be appointed by the President with Senate approval and recommended by state insurance commissioners. The Insurance Representative can override state insurance laws only if those laws treat foreign insurance companies worse than American ones and conflict with international trade agreements the U.S. has signed. However, the Representative cannot touch state laws about insurance rates, coverage requirements, or company solvency—those remain under state control. The bill is designed to streamline federal insurance oversight while maintaining state authority over most insurance regulation.