S 1544 — Insurance Data Protection Act

Summary

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 the regulator complies with the Paperwork Reduction Act.

Bill Text

• Introduced Introduced in Senate Current html April 30, 2025

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill prohibits the Federal Insurance Office and other financial regulators from collecting data directly from insurance companies and establishes new confidentiality provisions related to such data.

• 31 U.S.C. § 313(e)

  paragraph (6)

  Removes the existing subpoena and enforcement authority of the Federal Insurance Office.

• 31 U.S.C. § 313(e)(5)(A)

  ```, or the sharing of any nonpublicly available data and information with or by the Office among any other Federal agency, any State insurance regulator (or any agent of such a regulator), or any other entity,''

  Expands confidentiality provisions to include sharing of nonpublic data with federal agencies and state insurance regulators.

• 31 U.S.C. § 313(e)(5)(C)(ii)

  ``any privilege described in subparagraph (A) or''

  Clarifies that certain privileges related to shared data are retained.

• 31 U.S.C. § 313(e)(5)(D)

  ``including the exceptions under that section,''

  Specifies exceptions that apply to confidentiality requirements.

• 12 U.S.C. § 5343(f)(1)

  ``(other than an insurance company, as defined in section 201(a))''

  Exempts insurance companies from subpoenas that the Director of the Office of Financial Research can issue.

• 12 U.S.C. § 5311

  ``Subtitle D--Treatment of Data Collected From Insurance Companies``SEC. 181. TREATMENT OF DATA COLLECTED FROM INSURANCE COMPANIES BY FINANCIAL REGULATORS.

  Establishes a new section on data protection specific to insurance companies.

• 12 U.S.C. § 5311

  ``(a) Definitions.--In this section:``(1) Covered entity.--The term `covered entity' means a nonbank financial company that is an insurance company.``(2) Financial regulator.--The term `financial regulator' means the Commission, the Commodity Futures Trading Commission, the Council, the Federal banking agencies, and the Office of Financial Research.``(3) Insurance company.--The term `insurance company' has the meaning given the term in section 201(a).``(b) Advance Coordination.--``(1) In general.--``(A) Pre-collection.--Before collecting any data or information pursuant to this title or title II from a covered entity, a financial regulator shall coordinate with each relevant Federal agency, State insurance regulator, and other Federal or State regulatory agency, and with any publicly available source....''

  Provides definitions and advance coordination requirements for data collection from insurance companies.

• 12 U.S.C. § 5311

  ``(c) Confidentiality.--``(1) Retention of privilege.--The sharing by a covered entity of any nonpublicly available data or information with a financial regulator under this title or title II shall not constitute a waiver of, or otherwise affect, any privilege arising under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject.``(2) Continued application of prior confidentiality agreements.--Any requirement under Federal or State law to the extent otherwise applicable, or any requirement pursuant to a written agreement in effect between the original source of any nonpublicly available data or information and the source of that data or information to a financial regulator, regarding the privacy or confidentiality of any data or information in the possession of the source to a financial regulator, shall continue to apply to that data or information after the data or information has been provided under this section to the financial regulator.``(3) Information-sharing agreement.--Any data or information obtained by a financial regulator may be made available to State insurance regulators, individually or collectively, through an information-sharing agreement that--``(A) shall comply with applicable Federal law; and``(B) shall not constitute a waiver of, or otherwise affect, any privilege under Federal or State law (including any privilege described in paragraph (1) and the rules of any Federal or State court) to which the data or information is otherwise subject.``(4) Agency disclosure requirements.--Section 552 of title 5, United States Code, including the exceptions under that section, shall apply to any data or information submitted to a financial regulator by a covered entity under this section.''

  Establishes confidentiality rules regarding data provided to financial regulators by insurance companies.

Action History

1. April 30, 2025

   Introduced in Senate

2. April 30, 2025

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

• Katie Boyd Britt · Primary
• Tim Scott · Cosponsor
• Mike Rounds · Cosponsor
• Mike Crapo · Cosponsor
• Thomas Tillis · Cosponsor
• John Kennedy · Cosponsor
• Bill Hagerty · Cosponsor
• Cynthia M. Lummis · Cosponsor
• Pete Ricketts · Cosponsor
• Jim Banks · Cosponsor
• Kevin Cramer · Cosponsor
• Bernie Moreno · Cosponsor
• John Boozman · Cosponsor

Subjects