# Insurance Data Protection Act

This bill creates new rules to protect personal information that insurance companies collect and store about their customers. Right now, insurance companies gather lots of data about you—everything from your medical history and driving record to your financial information and claims history. This bill would require those companies to put stronger safeguards in place to keep that data secure and to be more transparent about how they use it.

The main changes would affect how insurance companies handle your personal information. They'd have to implement better security measures to prevent hackers from stealing your data, notify you quickly if a breach happens, and get your permission before using your information in certain ways. The bill also limits how insurance companies can share your data with third parties and requires them to let you know what information they're collecting about you. If you're denied insurance or charged higher rates, companies would need to explain why and give you a chance to correct any mistakes in their records.

For everyday people, this means more control over your personal information and better protection against identity theft and fraud. If an insurance company gets hacked, you'd find out about it faster so you can take steps to protect yourself. You'd also have clearer visibility into why you're being charged what you're charged for insurance, and you could challenge decisions based on inaccurate information. Insurance companies would face penalties for not following these rules, which should encourage them to take data security seriously. Overall, this bill treats personal information as something that deserves protection, similar to how other industries are increasingly required to do.

Insurance Data Protection Act

Britt, Katie Boyd

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;