Insurance Data Protection Act

Key Points

• This bill stops federal agencies from demanding information directly from insurance companies if that data is already available from state regulators. It reinforces the idea that states, not the federal government, should be the main overseers of the insurance industry.
• The proposal would strip the Federal Insurance Office of its power to use subpoenas, which are legal orders that force companies to turn over records. This would prevent federal officials from bypassing state authorities to get private company data.
• Federal regulators would be required to coordinate with state agencies before starting any new data collection. They would only be allowed to ask companies for information as a last resort, and only if they follow specific rules to reduce unnecessary paperwork.
• The bill also ensures that any sensitive information shared with the government stays private. It guarantees that companies do not lose their legal protections or privacy rights just because they shared data with a federal regulator.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.