119th Congress Finance and Financial Sector
S. 1544: Insurance Data Protection Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Read the full summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Jim Banks R-INOriginal
- Michael Crapo R-IDOriginal
- Kevin Cramer R-NDOriginal
- Bill Hagerty R-TNOriginal
- John Kennedy R-LAOriginal
- Cynthia Lummis R-WYOriginal
- Mike Rounds R-SDOriginal
- Pete Ricketts R-NEOriginal
- Tim Scott R-SCOriginal
- Thom Tillis R-NCOriginal
- Bernie Moreno R-OH
- John Boozman R-AR
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Other bills by Katie Britt
History
- Introduced in the Senate by Katie Britt.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.