Jack Kingston: “Public Law 15, or the McCarran-Ferguson Act, says that the States will be in charge of insurance, not the Federal…”

“Public Law 15, or the McCarran-Ferguson Act, says that the States will be in charge of insurance, not the Federal Government. Therefore, when a company comes into a State or tries to leave a State, the State insurance commissioner actually has the opportunity to twist an arm and say, if you are going to come into my State, you have to write a certain amount of coastal property, a certain mix of teenage drivers, a certain mix of elderly people for health care or whatever. State insurance commissioners by Public Law 15, the McCarran-Ferguson Act, are very powerful in the insurance business. So I want to say that is where my philosophy comes from is that I do strongly believe that the States can twist arms and get a lot more done. But I just want to say that Federal flood fund insurance companies did not start until 1968; yet, we have historic properties all over the coast of America because the private sector was there. And, again, having sold flood insurance through a private insurance company, I know that it is possible.”