This bill limits how federal financial regulators can collect data from insurance companies. Right now, agencies like the Federal Insurance Office can directly ask insurance companies for information. This bill changes that by requiring regulators to first check if the data already exists somewhere else—like with state insurance regulators, other federal agencies, or in public records. Only if that information isn't available or can't be obtained quickly can regulators then ask insurance companies directly for it.

The bill also protects insurance companies' confidential information. When they share data with federal regulators, it doesn't mean they're giving up any legal protections they have (like attorney-client privilege or trade secret protections). Additionally, any privacy or confidentiality rules that applied to the information before it was shared continue to apply afterward. If federal regulators share insurance data with state regulators, those same protections travel with it.

Basically, this is about reducing the paperwork burden on insurance companies by preventing duplicate data collection and ensuring their sensitive information stays protected even when shared with government agencies. It's a way to make the regulatory process more efficient while safeguarding companies' confidential business information.

Insurance Data Protection Act

Fitzgerald, Scott

Insurance Data Protection ActThis 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 it complies with the Paperwork Reduction Act.&nbsp; &nbsp;