Bill > HR3437

This bill aims to protect insurance companies' data by establishing new restrictions on how federal financial regulators can collect and handle information from insurance companies. Specifically, the bill requires that before collecting any data from an insurance company, financial regulators must first coordinate with other federal and state agencies to determine if the requested information is already available from existing sources. If the data can be obtained from another agency or public source, regulators must use that source instead of directly requesting it from the insurance company. The bill also strengthens confidentiality protections, ensuring that when insurance companies share non-public data with regulators, they do not waive any legal privileges associated with that information. Additionally, the bill limits the subpoena power of the Federal Insurance Office and the Office of Financial Research with respect to insurance companies, meaning these agencies will face more stringent requirements when seeking information. The legislation amends several existing laws, including the Financial Stability Act of 2010, to codify these new data protection and collection standards, with the goal of reducing regulatory burden and protecting sensitive insurance industry information.

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https://www.congress.gov/bill/119th-congress/house-bill/3437/all-info