Insurance Data Protection Act

Summary

Insurance Data Protection Act This 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.   

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Timeline

1. 30 April 2025

   Introduced

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

   Source: IntroReferral

2. 30 April 2025

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate

  Introduced in Senate · EN · 30 April 2025

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 30 April 2025

  Open at official source

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Sponsors

• Sen. Britt, Katie Boyd [R-AL] · R · Sponsor
• Sen. Scott, Tim [R-SC] · R · Sponsor
• Sen. Rounds, Mike [R-SD] · R · Sponsor
• Sen. Crapo, Mike [R-ID] · R · Sponsor
• Sen. Tillis, Thomas [R-NC] · R · Sponsor
• Sen. Kennedy, John [R-LA] · R · Sponsor
• Sen. Hagerty, Bill [R-TN] · R · Sponsor
• Sen. Lummis, Cynthia M. [R-WY] · R · Sponsor
• Sen. Ricketts, Pete [R-NE] · R · Sponsor
• Sen. Banks, Jim [R-IN] · R · Sponsor
• Sen. Cramer, Kevin [R-ND] · R · Sponsor
• Sen. Moreno, Bernie [R-OH] · R · Cosponsor
• Sen. Boozman, John [R-AR] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to ← Insurance Data Protection Act