IB 

Union Calendar No. 787 

118TH CONGRESS 

2D SESSION H. R. 5535 

[Report No. 118–759, Part I] 

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 

NOVEMBER 21, 2024 

Reported from the Committee on Financial Services with an amendment 

[Strike out all after the enacting clause and insert the part printed in italic] 

NOVEMBER 21, 2024 

Referral to the Committee on Agriculture extended for a period ending not 

later than December 19, 2024 

DECEMBER 19, 2024 

Additional sponsors: Mr. DONALDS, Mr. MOORE of Alabama, Mr. ROGERS of 

Alabama, Ms. DE LA CRUZ, Mr. CARL, Mr. STRONG, Mr. STEIL, Mr. 

GARBARINO, Mr. LAHOOD, Mr. LAWLER, Ms. HAGEMAN, Mr. ISSA, Mr. 

BARR, Mr. TIMMONS, Mr. STAUBER, Mr. NORMAN, Mr. GROTHMAN, Mr. 

WILLIAMS of Texas, Mr. NUNN of Iowa, Mr. HUIZENGA, Mr. MEUSER, 

Mr. ROSE, Mr. SESSIONS, Mr. LOUDERMILK, Mr. MOOLENAAR, Mrs. 

HOUCHIN, Mr. EMMER and Mr. LANGWORTHY


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DECEMBER 19, 2024 

Committee on Agriculture discharged; committed to the Committee of the 

Whole House on the State of the Union and ordered to be printed 

[For text of introduced bill, see copy of bill as introduced on September 18, 2023] 

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. 


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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 Protec5 tion Act’’. 

6 SEC. 2. REPEAL OF SUBPOENA AND ENFORCEMENT AU7 THORITY. 

8 Subsection (e) of section 313 of title 31, United States 

9 Code, is amended by striking paragraph (6). 

10 SEC. 3. CONFIDENTIALITY BY FEDERAL INSURANCE OF11 FICE. 

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

13 amended in paragraph (5)— 

14 (1) in subparagraph (A), by inserting after ‘‘Of15 fice’’ the following: ‘‘and the sharing of any nonpub16 licly available data with or by the Office among other 

17 Federal agencies, the State insurance regulators and 

18 their collective agents, or any other entities’’; 

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

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

21 ‘‘including’’; and 

22 (3) in subparagraph (D), by inserting ‘‘includ23 ing the exceptions thereunder,’’ after ‘‘United States 

24 Code,’’. 


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1 SEC. 4. LIMITATION ON SUBPOENAS BY THE OFFICE OF FI2 NANCIAL RESEARCH. 

3 Section 153(f)(1) of the Dodd-Frank Wall Street Re4 form and Consumer Protection Act is amended by inserting 

5 after ‘‘financial company,’’ the following: ‘‘other than an 

6 insurance company (as defined under section 201(a)(13)),’’. 

7 SEC. 5. CONFIDENTIALITY BY FINANCIAL REGULATORS. 

8 (a) IN GENERAL.—Title I of the Financial Stability 

9 Act of 2010 (12 U.S.C. 5343(f)(1)) is amended by inserting 

10 at the end the following: 

11 ‘‘Subtitle D—Treatment of Data 

12 Collected From Insurance Com13 panies 

14 ‘‘SEC. 181. TREATMENT OF DATA COLLECTED FROM INSUR15 ANCE COMPANIES BY FINANCIAL REGU16 LATORS. 

17 ‘‘(a) ADVANCE COORDINATION.—Before collecting any 

18 data or information from a nonbank financial company 

19 that is an insurance company pursuant to this title or title 

20 II, a financial regulator shall coordinate with each relevant 

21 Federal agency and State insurance regulator and any pub22 licly available sources to determine if the information to 

23 be collected is available from, and may be obtained in a 

24 timely manner by, such Federal agency or State insurance 

25 regulator, individually or collectively, other regulatory 

26 agency, or publicly available sources. If the financial reguVerDate Sep 11 2014 02:07 Dec 27, 2024 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H5535.RH H5535

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1 lator determines that such data or information is available, 

2 and may be obtained in a timely manner, from such an 

3 agency, regulator, regulatory agency, or source, the finan4 cial regulator shall obtain the data or information from 

5 such agency, regulator, regulatory agency, or source. If the 

6 financial regulator determines that such data or informa7 tion is not so available, the financial regulator may collect 

8 such data or information from an insurance company only 

9 if the financial regulator complies with the requirements 

10 of subchapter I of chapter 35 of title 44, United States Code 

11 (relating to Federal information policy; commonly known 

12 as the Paperwork Reduction Act), in collecting such data 

13 or information. Notwithstanding any other provision of 

14 law, each such relevant Federal agency and State insurance 

15 regulator or other Federal or State regulatory agency is au16 thorized to provide to the financial regulator such data or 

17 information. 

18 ‘‘(b) CONFIDENTIALITY.— 

19 ‘‘(1) RETENTION OF PRIVILEGE.—The sharing by 

20 a nonbank financial company that is an insurance 

21 company of any nonpublicly available data and in22 formation with a financial regulator under this title 

23 or title II shall not constitute a waiver of, or other24 wise affect, any privilege arising under Federal or 

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


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1 court) to which the data or information is otherwise 

2 subject. 

3 ‘‘(2) CONTINUED APPLICATION OF PRIOR CON4 FIDENTIALITY AGREEMENTS.—Any requirement under 

5 Federal or State law to the extent otherwise applica6 ble, or any requirement pursuant to a written agree7 ment in effect between the original source of any non8 publicly available data or information and the source 

9 of such data or information to the financial regulator, 

10 regarding the privacy or confidentiality of any data 

11 or information in the possession of the source to a fi12 nancial regulator, shall continue to apply to such 

13 data or information after the data or information has 

14 been provided pursuant to this section to the financial 

15 regulator. 

16 ‘‘(3) INFORMATION-SHARING AGREEMENT.—Any 

17 data or information obtained by a financial regulator 

18 may be made available to State insurance regulators, 

19 individually or collectively, through an information20 sharing agreement that— 

21 ‘‘(A) shall comply with applicable Federal 

22 law; and 

23 ‘‘(B) shall not constitute a waiver of, or oth24 erwise affect, any privilege under Federal or 

25 State law (including any privilege described in 


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

2 State court) to which the data or information is 

3 otherwise subject. 

4 ‘‘(4) AGENCY DISCLOSURE REQUIREMENTS.— 

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

6 the exceptions thereunder, shall apply to any data or 

7 information submitted to a financial regulator, by a 

8 nonbank financial company that is an insurance 

9 company pursuant to this title or title II, as required 

10 under this section. 

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

12 ‘‘(1) FINANCIAL REGULATOR.—The term ‘finan13 cial regulator’ means the Commission, the Commodity 

14 Futures Trading Commission, the Council, the Fed15 eral banking agencies, and the Office of Financial Re16 search. 

17 ‘‘(2) INSURANCE COMPANY.—The term ‘insurance 

18 company’ has the meaning given such term under sec19 tion 201(a)(13).’’. 

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

21 for the Dodd-Frank Wall Street Reform and Consumer Pro22 tection Act is amended by inserting after the item relating 

23 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.’’. 


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Union Calendar No. 787 

118TH CONGRESS 

2D SESSION H. R. 5535 

[Report No. 118–759, Part I] 

A BILL 

To prohibit the Federal Insurance Office of the Deinsurance company. regulators from collecting data directly from an partment of the Treasury and other financial 

DECEMBER 19, 2024 

Committee on Agriculture discharged; committed to the 

Union and ordered to be printed Committee of the Whole House on the State of the 


ssavage on LAPJG3WLY3PROD with BILLS