Insurance Data Protection Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5535 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5535

   To prohibit the Federal Insurance Office of the Department of the 
 Treasury and other financial regulators from collecting data directly 
                       from an insurance company.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 2023

Mr. Fitzgerald (for himself, Mr. Flood, and Mr. Luetkemeyer) introduced 
 the following bill; which was referred to the Committee on Financial 
Services, and in addition to the Committee on Agriculture, for a period 
    to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL


 
   To prohibit the Federal Insurance Office of the Department of the 
 Treasury and other financial regulators from collecting data directly 
                       from an insurance company.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Insurance Data Protection Act''.

SEC. 2. REPEAL OF SUBPOENA AND ENFORCEMENT AUTHORITY.

    Subsection (e) of section 313 of title 31, United States Code, is 
amended by striking paragraph (6).

SEC. 3. CONFIDENTIALITY BY FEDERAL INSURANCE OFFICE.

    Paragraph (5) of section 313(e) of title 31, United States Code, is 
amended--
            (1) in subparagraph (A), by inserting after ``Office'' the 
        following: ``and the sharing of any nonpublicly available data 
        with or by the Office among other Federal agencies, the State 
        insurance regulators and their collective agents, or any other 
        entities'';
            (2) in subparagraph (C)(ii), by inserting ``any privilege 
        referred to in subparagraph (A) and'' after ``including''; and
            (3) in subparagraph (D), by inserting ``including the 
        exceptions thereunder,'' after ``United States Code,''.

SEC. 4. LIMITATION ON SUBPOENAS BY THE OFFICE OF FINANCIAL RESEARCH.

    Section 153(f)(1) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act is amended by inserting after ``financial company,'' the 
following: ``other than an insurance company (as defined under section 
201(a)(13)),''.

SEC. 5. CONFIDENTIALITY BY FINANCIAL REGULATORS.

    (a) In General.--Title I of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by inserting at the end the 
following:

   ``Subtitle D--Treatment of Data Collected From Insurance Companies

``SEC. 181. TREATMENT OF DATA COLLECTED FROM INSURANCE COMPANIES BY 
              FINANCIAL REGULATORS.

    ``(a) Advance Coordination.--Before collecting any data or 
information from a nonbank financial company that is an insurance 
company pursuant to this title or title II, a financial regulator shall 
coordinate with each relevant Federal agency and State insurance 
regulator and any publicly available sources to determine if the 
information to be collected is available from, and may be obtained in a 
timely manner by, such Federal agency or State insurance regulator, 
individually or collectively, other regulatory agency, or publicly 
available sources. If the financial regulator determines that such data 
or information is available, and may be obtained in a timely manner, 
from such an agency, regulator, regulatory agency, or source, the 
financial regulator shall obtain the data or information from such 
agency, regulator, regulatory agency, or source. If the financial 
regulator determines that such data or information is not so available, 
the financial regulator may collect such data or information from an 
insurance company only if the financial regulator complies with the 
requirements of subchapter I of chapter 35 of title 44, United States 
Code (relating to Federal information policy; commonly known as the 
Paperwork Reduction Act), in collecting such data or information. 
Notwithstanding any other provision of law, each such relevant Federal 
agency and State insurance regulator or other Federal or State 
regulatory agency is authorized to provide to the financial regulator 
such data or information.
    ``(b) Confidentiality.--
            ``(1) Retention of privilege.--The sharing by a nonbank 
        financial company that is an insurance company of any 
        nonpublicly available data and 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 
        such data or information to the 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 such data or information after the data or 
        information has been provided pursuant to this subsection 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 referred to 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 thereunder, 
        shall apply to any data or information submitted to a financial 
        regulator by a nonbank financial company that is an insurance 
        company.
    ``(c) Definitions.--For purposes of this section:
            ``(1) 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.
            ``(2) Insurance company.--The term `insurance company' has 
        the meaning given such term under section 201(a)(13).''.
    (b) Technical Amendment.--The table of contents for such Act is 
amended by inserting after the item relating to section 176 the 
following:

``Subtitle D--Treatment of data collected from insurance companies
  ``Sec. 181. Treatment of Data Collected From Insurance Companies by 
                        Financial Regulators.''.

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