II 

118TH CONGRESS 

1ST SESSION S. 3349 

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 SENATE OF THE UNITED STATES 

NOVEMBER 28, 2023 

Mrs. BRITT (for herself, Mr. HAGERTY, Mr. SCOTT of South Carolina, Mr. 

ROUNDS, Mr. TILLIS, Ms. LUMMIS, Mr. VANCE, Mr. DAINES, Mr. 

CRAMER, Mr. BUDD, Mr. THUNE, Mr. BOOZMAN, Mr. COTTON, Mr. 

RICKETTS, Mrs. BLACKBURN, Mr. CRAPO, and Mr. KENNEDY) introduced 

the following bill; which was read twice and referred to the Committee 

on Banking, Housing, and Urban Affairs 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Insurance Data Pro5 tection Act’’. 

2 

•S 3349 IS

1 SEC. 2. REPEAL OF SUBPOENA AND ENFORCEMENT AU2 THORITY. 

3 Section 313(e) of title 31, United States Code, is 

4 amended by striking paragraph (6). 

5 SEC. 3. CONFIDENTIALITY BY FEDERAL INSURANCE OF6 FICE. 

7 Section 313(e)(5) of title 31, United States Code, is 

8 amended— 

9 (1) in subparagraph (A), by inserting after ‘‘Of10 fice’’ the following: ‘‘, or the sharing of any nonpub11 licly available data and information with or by the 

12 Office among any other Federal agency, any State 

13 insurance regulator (or any agent of such a regu14 lator), or any other entity,’’; 

15 (2) in subparagraph (C)(ii), by inserting ‘‘any 

16 privilege described in subparagraph (A) or’’ after 

17 ‘‘including’’; and 

18 (3) in subparagraph (D), by inserting ‘‘includ19 ing the exceptions under that section,’’ after ‘‘United 

20 States Code,’’. 

21 SEC. 4. LIMITATION ON SUBPOENAS BY THE OFFICE OF FI22 NANCIAL RESEARCH. 

23 Section 153(f)(1) of the Financial Stability Act of 

24 2010 (12 U.S.C. 5343(f)(1)) is amended, in the matter 

25 preceding subparagraph (A), by inserting after ‘‘financial 

3 

•S 3349 IS

1 company’’ the following: ‘‘(other than an insurance com2 pany, as defined in section 201(a))’’. 

3 SEC. 5. CONFIDENTIALITY BY FINANCIAL REGULATORS. 

4 (a) IN GENERAL.—The Financial Stability Act of 

5 2010 (12 U.S.C. 5311 et seq.) is amended by adding at 

6 the end the following: 

7 ‘‘Subtitle D—Treatment of Data 

8 Collected From Insurance Com9 panies 

10 ‘‘SEC. 181. TREATMENT OF DATA COLLECTED FROM INSUR11 ANCE COMPANIES BY FINANCIAL REGU12 LATORS. 

13 ‘‘(a) DEFINITIONS.—In this section: 

14 ‘‘(1) COVERED ENTITY.—The term ‘covered en15 tity’ means a nonbank financial company that is an 

16 insurance company. 

17 ‘‘(2) FINANCIAL REGULATOR.—The term ‘fi18 nancial regulator’ means the Commission, the Com19 modity Futures Trading Commission, the Council, 

20 the Federal banking agencies, and the Office of Fi21 nancial Research. 

22 ‘‘(3) INSURANCE COMPANY.—The term ‘insur23 ance company’ has the meaning given the term in 

24 section 201(a). 

25 ‘‘(b) ADVANCE COORDINATION.— 

4 

•S 3349 IS

1 ‘‘(1) IN GENERAL.— 

2 ‘‘(A) PRE-COLLECTION.—Before collecting 

3 any data or information pursuant to this title 

4 or title II from a covered entity, a financial reg5 ulator shall coordinate with each relevant Fed6 eral agency, State insurance regulator, and 

7 other Federal or State regulatory agency, and 

8 with any publicly available source, to determine 

9 if the data or information to be collected is 

10 available from, and may be obtained in a timely 

11 manner by, that agency, regulator, or regu12 latory agency, individually or collectively, or 

13 that publicly available source. 

14 ‘‘(B) DETERMINATIONS.— 

15 ‘‘(i) INFORMATION AVAILABLE.—If a 

16 financial regulator, under subparagraph 

17 (A), determines that the data or informa18 tion described in that subparagraph is 

19 available, and may be obtained in a timely 

20 manner, from an agency, regulator, regu21 latory agency, or source described in that 

22 subparagraph, the financial regulator shall 

23 obtain the data or information from that 

24 agency, regulator, regulatory agency, or 

25 source. 

5 

•S 3349 IS

1 ‘‘(ii) INFORMATION UNAVAILABLE.—If 

2 a financial regulator, under subparagraph 

3 (A) determines that the data or informa4 tion described in that subparagraph is not 

5 available, the financial regulatory may col6 lect that data or information from the ap7 plicable covered entity only if the financial 

8 regulator complies with the requirements 

9 of subchapter I of chapter 35 of title 44, 

10 United States Code (commonly referred to 

11 as the ‘Paperwork Reduction Act’), in col12 lecting that data or information. 

13 ‘‘(2) AUTHORITY TO PROVIDE INFORMATION.— 

14 Notwithstanding any other provision of law, for the 

15 purposes of paragraph (1), each relevant Federal 

16 agency and State insurance regulator or other Fed17 eral or State regulatory agency may provide to a fi18 nancial regulator data or information described in 

19 that paragraph. 

20 ‘‘(c) CONFIDENTIALITY.— 

21 ‘‘(1) RETENTION OF PRIVILEGE.—The sharing 

22 by a covered entity of any nonpublicly available data 

23 or information with a financial regulator under this 

24 title or title II shall not constitute a waiver of, or 

25 otherwise affect, any privilege arising under Federal 

6 

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1 or State law (including the rules of any Federal or 

2 State court) to which the data or information is oth3 erwise subject. 

4 ‘‘(2) CONTINUED APPLICATION OF PRIOR CON5 FIDENTIALITY AGREEMENTS.—Any requirement 

6 under Federal or State law to the extent otherwise 

7 applicable, or any requirement pursuant to a written 

8 agreement in effect between the original source of 

9 any nonpublicly available data or information and 

10 the source of that data or information to a financial 

11 regulator, regarding the privacy or confidentiality of 

12 any data or information in the possession of the 

13 source to a financial regulator, shall continue to 

14 apply to that data or information after the data or 

15 information has been provided under this section to 

16 the financial regulator. 

17 ‘‘(3) INFORMATION-SHARING AGREEMENT.— 

18 Any data or information obtained by a financial reg19 ulator may be made available to State insurance reg20 ulators, individually or collectively, through an infor21 mation-sharing agreement that— 

22 ‘‘(A) shall comply with applicable Federal 

23 law; and 

24 ‘‘(B) shall not constitute a waiver of, or 

25 otherwise affect, any privilege under Federal or 

7 

•S 3349 IS

1 State law (including any privilege described in 

2 paragraph (1) and the rules of any Federal or 

3 State court) to which the data or information is 

4 otherwise subject. 

5 ‘‘(4) AGENCY DISCLOSURE REQUIREMENTS.— 

6 Section 552 of title 5, United States Code, including 

7 the exceptions under that section, shall apply to any 

8 data or information submitted to a financial regu9 lator by a covered entity under this section.’’. 

10 (b) TECHNICAL AMENDMENT.—The table of contents 

11 in section 1(b) of the Dodd-Frank Wall Street Reform and 

12 Consumer Protection Act (Public Law 111–203) is 

13 amended by inserting after the item relating to section 

14 176 the following: 

‘‘Subtitle D—Treatment of Data Collected From Insurance Companies 

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

regulators.’’. 

Æ