This bill restricts federal financial regulators from collecting data directly from insurance companies in many cases. It removes a subsection of federal code that gave the Federal Insurance Office (FIO) certain enforcement authority, narrows the Office of Financial Research's subpoena authority so that it generally cannot subpoena insurance companies, and adds a new set of rules for how regulators must treat data from insurers. Under the new rules, regulators must first check with other federal agencies, state insurance regulators, and public sources to see if needed data can be obtained there. If the information is not available, a regulator may collect it from an insurance company only after following the Paperwork Reduction Act. The bill says that sharing nonpublic insurer data with regulators does not waive legal privileges or other confidentiality protections, continues any prior confidentiality agreements, allows regulated information-sharing with state regulators under agreements that do not waive privileges, and applies the federal disclosure statute (section 552) with its exceptions to data submitted by insurers.
No publicly available information.
The bill's text emphasizes protecting insurers' nonpublic data, avoiding duplicative direct collection from companies, preserving legal privileges and prior confidentiality agreements, and requiring regulators to coordinate with other agencies and follow the Paperwork Reduction Act before collecting new information.
No publicly available information.