Insurance Data Protection Act

This bill limits the federal government's ability to force insurance companies to hand over information. It takes away the power of two federal offices — the Federal Insurance Office and the Office of Financial Research — to issue subpoenas (legal demands) to insurance companies for their data. Under the bill, if a financial regulator needs data from an insurance company for consumer protection purposes, it must first try to get that information from other regulators or from sources available to the public. If that isn't possible, the regulator can collect the data directly from the insurance company, but only by following certain paperwork rules.

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