What does Preamble of S 1544 do?

This bill, formally titled 'To prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from an insurance company,' aims to restrict data collection practices. The bill would prevent the Federal Insurance Office and other financial regulators from directly collecting data from insurance companies.

What does SHORT TITLE. of S 1544 do?

This bill is formally titled the Insurance Data Protection Act.

What does REPEAL OF SUBPOENA AND ENFORCEMENT AUTHORITY. of S 1544 do?

This section amends title 31 of the United States Code. Specifically, it removes paragraph (6) from section 313(e).

What does CONFIDENTIALITY BY FEDERAL INSURANCE OFFICE. of S 1544 do?

This section amends 31 U.S.C. § 313(e)(5) to modify confidentiality provisions. It expands the entities with whom the Federal Insurance Office can share nonpublicly available data and information. The amendment allows sharing with other federal agencies, state insurance regulators, or their agents. It clarifies that sharing is subject to privileges described in subparagraph (A). It also specifies that exceptions under the relevant section of United States Code are included.

What does LIMITATION ON SUBPOENAS BY THE OFFICE OF FINANCIAL RESEARCH. of S 1544 do?

This section amends Section 153(f)(1) of the Financial Stability Act of 2010. The amendment inserts a clarification to exclude insurance companies from the definition of 'financial company' within that section.

What does CONFIDENTIALITY BY FINANCIAL REGULATORS. of S 1544 do?

This section amends the Financial Stability Act of 2010 by adding Subtitle D, concerning the treatment of data collected from insurance companies. It defines 'covered entity' as a nonbank financial company that is an insurance company, and 'financial regulator' as specific agencies. Before collecting data from a covered entity, a financial regulator must coordinate with relevant agencies and sources to determine if the data is already available. If the data is available from another source, the financial regulator must obtain it from that source. If the data is unavailable, the financial regulator may collect it from the covered entity, but must comply with the Paperwork Reduction Act. Sharing data with a financial regulator does not waive any existing privileges under federal or state law. Existing confidentiality agreements regarding data privacy continue to apply after data is provided to a financial regulator. Data obtained by a financial regulator may be shared with State insurance regulators through an information-sharing agreement. Section 552 of Title 5, United States Code (Freedom of Information Act), applies to data submitted to a financial regulator.

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Insurance Data Protection Act — S. 1544

Last updated: 4/30/2025 · Introduced: 4/30/2025

Author: Katie Britt (R-AL)

TL;DR (AI)

This bill restricts the Federal Insurance Office and other financial regulators from directly collecting data from insurance companies.
It limits the Office of Financial Research's subpoena authority to exclude insurance companies from the definition of 'financial company'.
It establishes procedures for financial regulators collecting data from insurance companies, requiring coordination to avoid duplication and protecting existing confidentiality agreements and privileges.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 4 more.

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