H.R. 5535 · 118th Congress
Insurance Data Protection Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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FitzgeraldSponsor30 cosponsors · 30 R
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Flood
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Luetkemeyer
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Langworthy2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill limits the ability of federal entities to compel insurance companies to share information.
What it does: CRS summary · Introduced in House · Sep 18, 2023
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 it complies with the Paperwork Reduction Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Insurance Data Protection Act
Latest action (Dec 19, 2024): Placed on the Union Calendar, Calendar No. 787.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 18, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.