Fair Insurance Information Practices Act

Fair Insurance Information Practices Act - Sets forth the circumstances and the persons to whom individually identifiable personal information may be disclosed by an insurance institution, agent, or support organization. Requires such institutions and agents to notify the insurance applicant or claimant of their information collection and disclosure practices prior to collecting personal information about an individual. Specifies the manner in which personal information may be collected.

Requires insurance institutions, agents, or support organizations to make personal information in their control available to the individual concerned. Specifies the procedures to be followed. Permits specified information to be withheld from an individual in specified circumstances.

Gives the individual concerned the right to have errors corrected and misrepresentations amended according to specified procedures.

Requires insurance institutions or agents to notify individuals subject to an adverse underwriting decision of the reasons for such decision and the individual's rights. Sets forth circumstances in which the notice requirements do not apply.

Declares that the individual's exercise of the rights under this Act shall not affect the individual's eligibility for insurance benefits.

Sets forth civil and criminal penalties for violations of this Act.

Authorizes the principal State insurance regulatory official to enforce this Act.

Provides for this Act to take effect one year after enactment.

Amends the Privacy Act of 1974 to exempt insurance records contained in a system of records from specified provisions of such Act, if such records are maintained by an agency or organization subject to this Act.

Sets forth provisions concerning the disclosure of personal information by an insurance institution, agent, or support organization pursuant to some compulsory legal process.