119-hr3437

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3437 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 3437

 To prohibit the Federal Insurance Office of the Department of the 
 Treasury and other financial regulators from collecting data directly 
 from an insurance company.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 May 15, 2025

Mr. Fitzgerald (for himself, Mr. Flood, Mr. Meuser, Ms. De La Cruz, Mr. 
 Timmons, Mr. Garbarino, Mr. Ogles, Mr. Moore of North Carolina, Mr. 
 Donalds, Mr. Huizenga, Mr. Williams of Texas, Mr. Norman, Mr. Nunn of 
 Iowa, Mr. Loudermilk, Mr. Grothman, Ms. Hageman, and Mr. Moolenaar) 
 introduced the following bill; which was referred to the Committee on 
 Financial Services, and in addition to the Committee on Agriculture, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of 
 the committee concerned

_______________________________________________________________________

 A BILL

 To prohibit the Federal Insurance Office of the Department of the 
 Treasury and other financial regulators from collecting data directly 
 from an insurance company.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Insurance Data Protection Act''.

SEC. 2. REPEAL OF SUBPOENA AND ENFORCEMENT AUTHORITY.

 

Section 313

    (e) of title 31, United States Code, is amended by 
striking paragraph

    (6) .

SEC. 3. CONFIDENTIALITY BY FEDERAL INSURANCE OFFICE.

 

Section 313

    (e)

    (5) of title 31, United States Code, is amended--

    (1) in subparagraph
        (A) , by inserting after ``Office'' the 
 following: ``, or the sharing of any nonpublicly available data 
 and information with or by the Office among any other Federal 
 agency, any State insurance regulator (or any agent of such a 
 regulator), or any other entity,'';

    (2) in subparagraph
            (C) 
            (ii) , by inserting ``any privilege 
 described in subparagraph
        (A) or'' after ``including''; and

    (3) in subparagraph
            (D) , by inserting ``including the 
 exceptions under that section,'' after ``United States Code,''.

SEC. 4. LIMITATION ON SUBPOENAS BY THE OFFICE OF FINANCIAL RESEARCH.

 

Section 153

    (f)

    (1) of the Financial Stability Act of 2010 (12 U.S.C. 
5343

    (f)

    (1) ) is amended, in the matter preceding subparagraph
        (A) , by 
inserting after ``financial company'' the following: ``(other than an 
insurance company, as defined in 

section 201

    (a) )''.

SEC. 5. CONFIDENTIALITY BY FINANCIAL REGULATORS.

    (a) In General.--The Financial Stability Act of 2010 (12 U.S.C. 
5311 et seq.) is amended by adding at the end the following:

 ``Subtitle D--Treatment of Data Collected From Insurance Companies

``

SEC. 181. TREATMENT OF DATA COLLECTED FROM INSURANCE COMPANIES BY 
 FINANCIAL REGULATORS.

 ``

    (a) 

=== Definitions. ===
-In this section:
 ``

    (1) Covered entity.--The term `covered entity' means a 
 nonbank financial company that is an insurance company.
 ``

    (2) Financial regulator.--The term `financial regulator' 
 means the Commission, the Commodity Futures Trading Commission, 
 the Council, the Federal banking agencies, and the Office of 
 Financial Research.
 ``

    (3) Insurance company.--The term `insurance company' has 
 the meaning given the term in 

section 201

    (a) .
 ``

    (b) Advance Coordination.--
 ``

    (1) In general.--
 ``
        (A) Pre-collection.--Before collecting any data 
 or information pursuant to this title or title II from 
 a covered entity, a financial regulator shall 
 coordinate with each relevant Federal agency, State 
 insurance regulator, and other Federal or State 
 regulatory agency, and with any publicly available 
 source, to determine if the data or information to be 
 collected is available from, and may be obtained in a 
 timely manner by, that agency, regulator, or regulatory 
 agency, individually or collectively, or that publicly 
 available source.
 ``
        (B) Determinations.--
 ``
            (i) Information available.--If a 
 financial regulator, under subparagraph
        (A) , 
 determines that the data or information 
 described in that subparagraph is available, 
 and may be obtained in a timely manner, from an 
 agency, regulator, regulatory agency, or source 
 described in that subparagraph, the financial 
 regulator shall obtain the data or information 
 from that agency, regulator, regulatory agency, 
 or source.
 ``
            (ii) Information unavailable.--If a 
 financial regulator, under subparagraph
        (A) determines that the data or information 
 described in that subparagraph is not 
 available, the financial regulatory may collect 
 that data or information from the applicable 
 covered entity only if the financial regulator 
 complies with the requirements of subchapter I 
 of chapter 35 of title 44, United States Code 
 (commonly referred to as the `Paperwork 
 Reduction Act'), in collecting that data or 
 information.
 ``

    (2) Authority to provide information.--Notwithstanding 
 any other provision of law, for the purposes of paragraph

    (1) , 
 each relevant Federal agency and State insurance regulator or 
 other Federal or State regulatory agency may provide to a 
 financial regulator data or information described in that 
 paragraph.
 ``
            (c) Confidentiality.--
 ``

    (1) Retention of privilege.--The sharing by a covered 
 entity of any nonpublicly available data or information with a 
 financial regulator under this title or title II shall not 
 constitute a waiver of, or otherwise affect, any privilege 
 arising under Federal or State law (including the rules of any 
 Federal or State court) to which the data or information is 
 otherwise subject.
 ``

    (2) Continued application of prior confidentiality 
 agreements.--Any requirement under Federal or State law to the 
 extent otherwise applicable, or any requirement pursuant to a 
 written agreement in effect between the original source of any 
 nonpublicly available data or information and the source of 
 that data or information to a financial regulator, regarding 
 the privacy or confidentiality of any data or information in 
 the possession of the source to a financial regulator, shall 
 continue to apply to that data or information after the data or 
 information has been provided under this section to the 
 financial regulator.
 ``

    (3) Information-sharing agreement.--Any data or 
 information obtained by a financial regulator may be made 
 available to State insurance regulators, individually or 
 collectively, through an information-sharing agreement that--
 ``
        (A) shall comply with applicable Federal law; and
 ``
        (B) shall not constitute a waiver of, or 
 otherwise affect, any privilege under Federal or State 
 law (including any privilege described in paragraph

    (1) and the rules of any Federal or State court) to which 
 the data or information is otherwise subject.
 ``

    (4) Agency disclosure requirements.--

Section 552 of title 
 5, United States Code, including the exceptions under that 
 section, shall apply to any data or information submitted to a 
 financial regulator by a covered entity under this section.''.

    (b) Technical Amendment.--The table of contents in 

section 1

    (b) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public 
Law 111-203) is amended by inserting after the item relating to 

section 176 the following:

 ``Subtitle D--Treatment of Data Collected From Insurance Companies

``

Sec. 181. Treatment of data collected from insurance companies by 
 financial regulators.''.
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