This bill would limit the ability of federal agencies like the Federal Insurance Office and the Office of Financial Research to collect information from insurance companies. It would make it harder for these agencies to access data they need to monitor the insurance industry and identify potential financial risks.
Latest Action
Placed on the Union Calendar, Calendar No. 787.
AI Summary
Plain-English explanation of this bill
This bill would limit the ability of federal agencies like the Federal Insurance Office and the Office of Financial Research to collect information from insurance companies. It would make it harder for these agencies to access data they need to monitor the insurance industry and identify potential financial risks.
Last updated: 12/29/2025
Official Summary
Congressional Research Service summary
<p><strong>Insurance Data Protection Act</strong></p><p>This bill limits the ability of federal entities to compel insurance companies to share information.</p><p>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.</p><p>The bill also eliminates the ability of the Office of Financial Research to subpoena insurance companies.</p><p>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 it complies with the Paperwork Reduction Act. </p>
Key Points
Main provisions of the bill
Eliminates the subpoena power of the Federal Insurance Office to collect information from insurers
Eliminates the ability of the Office of Financial Research to subpoena insurance companies for data
Requires financial regulators to obtain insurance data from other sources or comply with the Paperwork Reduction Act before collecting it directly from companies
How This Impacts Americans
Potential effects on citizens and communities
This bill would primarily impact federal financial regulators, who would have reduced access to data about the insurance industry. This could make it harder for them to identify and address potential financial risks or systemic issues. Insurance companies would benefit from less federal oversight and data collection, but consumers may have less protection if regulators have a harder time monitoring the industry.
Policy Areas
Primary Policy Area
Finance and Financial Sector
Related Subjects
Evidence and witnesses
Government information and archives
Insurance industry and regulation
Right of privacy
Scope & Jurisdiction
Jurisdiction Level
federal
Congressional Session
119th Congress
Citation Reference
5535, 119th Congress (2025). "Veteran Service Recognition Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-5535
