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Insurance Data Protection Act
A bill to prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from an insurance company.
- Introduced
- Committee
- Passed Senate
- Passed House
- To President
- Became law
Summary
Insurance Data Protection Act
This bill limits the ability of federal entities to compel insurance companies to share information.
Specifically, the bill eliminates the subpoena power of the Federal Insurance Office. Under current law, the office has the power to subpoena information from insurers to, among other purposes, identify issues that could contribute to a systemic crisis in the insurance industry or the U.S. financial system.
The bill also eliminates the ability of the Office of Financial Research to subpoena insurance companies.
When seeking to collect insurance company data under specified consumer protection laws, a financial regulator must obtain the data from other regulators or from publicly available sources if possible. Otherwise, the financial regulator may only collect this data directly from the insurance company if the regulator complies with the Paperwork Reduction Act.
Summary by the Congressional Research Service, Library of Congress.
Actions
- Apr 30, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Apr 30, 2025 Introduced in Senate
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