Bill > S1544

This bill aims to protect insurance companies' data by establishing new restrictions and confidentiality measures for federal financial regulators when collecting information. Specifically, the bill requires financial regulators like the Federal Insurance Office to first coordinate with other federal and state agencies to determine if requested data is already available from existing sources before directly collecting information from insurance companies. The bill prohibits regulators from subpoenaing data directly from insurance companies and establishes that any shared data retains its original confidentiality protections. If a regulator determines that the needed data is not available from existing sources, they may collect it only after complying with the Paperwork Reduction Act. The bill also ensures that sharing nonpublic data with a financial regulator does not constitute a waiver of legal privileges and mandates that any information-sharing agreements between regulators must comply with federal law while preserving the confidentiality of the shared data. These provisions are designed to protect insurance companies from unnecessary data collection and maintain the privacy of their sensitive information.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1544/all-info