I 

118TH CONGRESS 

1ST SESSION H. R. 5535 

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 

SEPTEMBER 18, 2023 

Mr. FITZGERALD (for himself, Mr. FLOOD, and Mr. LUETKEMEYER) 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. 

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’’. 


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

3 Subsection (e) of section 313 of title 31, United 

4 States Code, is amended by striking paragraph (6). 

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

7 Paragraph (5) of section 313(e) of title 31, United 

8 States Code, is amended— 

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

12 other Federal agencies, the State insurance regu13 lators and their collective agents, or any other enti14 ties’’; 

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

16 privilege referred to in subparagraph (A) and’’ after 

17 ‘‘including’’; and 

18 (3) in subparagraph (D), by inserting ‘‘includ19 ing the exceptions thereunder,’’ after ‘‘United States 

20 Code,’’. 

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

23 Section 153(f)(1) of the Dodd-Frank Wall Street Re24 form and Consumer Protection Act is amended by insert25 ing after ‘‘financial company,’’ the following: ‘‘other than 


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1 an insurance company (as defined under section 

2 201(a)(13)),’’. 

3 SEC. 5. CONFIDENTIALITY BY FINANCIAL REGULATORS. 

4 (a) IN GENERAL.—Title I of the Dodd-Frank Wall 

5 Street Reform and Consumer Protection Act is amended 

6 by inserting at 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) ADVANCE COORDINATION.—Before collecting 

14 any data or information from a nonbank financial com15 pany that is an insurance company pursuant to this title 

16 or title II, a financial regulator shall coordinate with each 

17 relevant Federal agency and State insurance regulator and 

18 any publicly available sources to determine if the informa19 tion to be collected is available from, and may be obtained 

20 in a timely manner by, such Federal agency or State in21 surance regulator, individually or collectively, other regu22 latory agency, or publicly available sources. If the financial 

23 regulator determines that such data or information is 

24 available, and may be obtained in a timely manner, from 

25 such an agency, regulator, regulatory agency, or source, 


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1 the financial regulator shall obtain the data or information 

2 from such agency, regulator, regulatory agency, or source. 

3 If the financial regulator determines that such data or in4 formation is not so available, the financial regulator may 

5 collect such data or information from an insurance com6 pany only if the financial regulator complies with the re7 quirements of subchapter I of chapter 35 of title 44, 

8 United States Code (relating to Federal information pol9 icy; commonly known as the Paperwork Reduction Act), 

10 in collecting such data or information. Notwithstanding 

11 any other provision of law, each such relevant Federal 

12 agency and State insurance regulator or other Federal or 

13 State regulatory agency is authorized to provide to the fi14 nancial regulator such data or information. 

15 ‘‘(b) CONFIDENTIALITY.— 

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

17 by a nonbank financial company that is an insurance 

18 company of any nonpublicly available data and infor19 mation with a financial regulator under this title or 

20 title II shall not constitute a waiver of, or otherwise 

21 affect, any privilege arising under Federal or State 

22 law (including the rules of any Federal or State 

23 court) to which the data or information is otherwise 

24 subject. 


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1 ‘‘(2) CONTINUED APPLICATION OF PRIOR CON2 FIDENTIALITY AGREEMENTS.—Any requirement 

3 under Federal or State law to the extent otherwise 

4 applicable, or any requirement pursuant to a written 

5 agreement in effect between the original source of 

6 any nonpublicly available data or information and 

7 the source of such data or information to the finan8 cial regulator, regarding the privacy or confiden9 tiality of any data or information in the possession 

10 of the source to a financial regulator, shall continue 

11 to apply to such data or information after the data 

12 or information has been provided pursuant to this 

13 subsection to the financial regulator. 

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

15 Any data or information obtained by a financial reg16 ulator may be made available to State insurance reg17 ulators, individually or collectively, through an infor18 mation-sharing agreement that— 

19 ‘‘(A) shall comply with applicable Federal 

20 law; and 

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

22 otherwise affect, any privilege under Federal or 

23 State law (including any privilege referred to in 

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


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1 State court) to which the data or information is 

2 otherwise subject. 

3 ‘‘(4) AGENCY DISCLOSURE REQUIREMENTS.— 

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

5 the exceptions thereunder, shall apply to any data or 

6 information submitted to a financial regulator by a 

7 nonbank financial company that is an insurance 

8 company. 

9 ‘‘(c) DEFINITIONS.—For purposes of this section: 

10 ‘‘(1) FINANCIAL REGULATOR.—The term ‘fi11 nancial regulator’ means the Commission, the Com12 modity Futures Trading Commission, the Council, 

13 the Federal banking agencies, and the Office of Fi14 nancial Research. 

15 ‘‘(2) INSURANCE COMPANY.—The term ‘insur16 ance company’ has the meaning given such term 

17 under section 201(a)(13).’’. 

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

19 for such Act is amended by inserting after the item relat20 ing 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.’’. 

Æ 


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