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) intro-
duced the following bill; which was referred to the Committee on Finan-
cial Services, and in addition to the Committee on Agriculture, for a pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To prohibit the Federal Insurance Office of the Department 
of the Treasury and other financial regulators from col-
lecting data directly from an insurance company. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Insurance Data Pro-
tection Act’’. 
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SEC. 2. REPEAL OF SUBPOENA AND ENFORCEMENT AU-
THORITY. 
Subsection (e) of section 313 of title 31, United 
States Code, is amended by striking paragraph (6). 
SEC. 3. CONFIDENTIALITY BY FEDERAL INSURANCE OF-
FICE. 
Paragraph (5) of section 313(e) of title 31, United 
States Code, is amended— 
(1) in subparagraph (A), by inserting after ‘‘Of-
fice’’ the following: ‘‘and the sharing of any nonpub-
licly available data with or by the Office among 
other Federal agencies, the State insurance regu-
lators and their collective agents, or any other enti-
ties’’; 
(2) in subparagraph (C)(ii), by inserting ‘‘any 
privilege referred to in subparagraph (A) and’’ after 
‘‘including’’; and 
(3) in subparagraph (D), by inserting ‘‘includ-
ing the exceptions thereunder,’’ after ‘‘United States 
Code,’’. 
SEC. 4. LIMITATION ON SUBPOENAS BY THE OFFICE OF FI-
NANCIAL RESEARCH. 
Section 153(f)(1) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act is amended by insert-
ing after ‘‘financial company,’’ the following: ‘‘other than 
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an insurance company (as defined under section 
201(a)(13)),’’. 
SEC. 5. CONFIDENTIALITY BY FINANCIAL REGULATORS. 
(a) IN GENERAL.—Title I of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act is amended 
by inserting at the end the following: 
‘‘Subtitle D—Treatment of Data 
Collected From Insurance Com-
panies 
‘‘SEC. 181. TREATMENT OF DATA COLLECTED FROM INSUR-
ANCE 
COMPANIES 
BY 
FINANCIAL 
REGU-
LATORS. 
‘‘(a) ADVANCE COORDINATION.—Before collecting 
any data or information from a nonbank financial com-
pany that is an insurance company pursuant to this title 
or title II, a financial regulator shall coordinate with each 
relevant Federal agency and State insurance regulator and 
any publicly available sources to determine if the informa-
tion to be collected is available from, and may be obtained 
in a timely manner by, such Federal agency or State in-
surance regulator, individually or collectively, other regu-
latory agency, or publicly available sources. If the financial 
regulator determines that such data or information is 
available, and may be obtained in a timely manner, from 
such an agency, regulator, regulatory agency, or source, 
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the financial regulator shall obtain the data or information 
from such agency, regulator, regulatory agency, or source. 
If the financial regulator determines that such data or in-
formation is not so available, the financial regulator may 
collect such data or information from an insurance com-
pany only if the financial regulator complies with the re-
quirements of subchapter I of chapter 35 of title 44, 
United States Code (relating to Federal information pol-
icy; commonly known as the Paperwork Reduction Act), 
in collecting such data or information. Notwithstanding 
any other provision of law, each such relevant Federal 
agency and State insurance regulator or other Federal or 
State regulatory agency is authorized to provide to the fi-
nancial regulator such data or information. 
‘‘(b) CONFIDENTIALITY.— 
‘‘(1) RETENTION OF PRIVILEGE.—The sharing 
by a nonbank financial company that is an insurance 
company of any nonpublicly available data and infor-
mation with a financial regulator under this title or 
title II shall not constitute a waiver of, or otherwise 
affect, any privilege arising under Federal or State 
law (including the rules of any Federal or State 
court) to which the data or information is otherwise 
subject. 
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‘‘(2) CONTINUED APPLICATION OF PRIOR CON-
FIDENTIALITY
AGREEMENTS.—Any 
requirement 
under Federal or State law to the extent otherwise 
applicable, or any requirement pursuant to a written 
agreement in effect between the original source of 
any nonpublicly available data or information and 
the source of such data or information to the finan-
cial regulator, regarding the privacy or confiden-
tiality of any data or information in the possession 
of the source to a financial regulator, shall continue 
to apply to such data or information after the data 
or information has been provided pursuant to this 
subsection to the financial regulator. 
‘‘(3) 
INFORMATION-SHARING
AGREEMENT.— 
Any data or information obtained by a financial reg-
ulator may be made available to State insurance reg-
ulators, individually or collectively, through an infor-
mation-sharing agreement that— 
‘‘(A) shall comply with applicable Federal 
law; and 
‘‘(B) shall not constitute a waiver of, or 
otherwise affect, any privilege under Federal or 
State law (including any privilege referred to in 
paragraph (1) and the rules of any Federal or 
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State court) to which the data or information is 
otherwise subject. 
‘‘(4) AGENCY
DISCLOSURE
REQUIREMENTS.— 
Section 552 of title 5, United States Code, including 
the exceptions thereunder, shall apply to any data or 
information submitted to a financial regulator by a 
nonbank financial company that is an insurance 
company. 
‘‘(c) DEFINITIONS.—For purposes of this section: 
‘‘(1) FINANCIAL
REGULATOR.—The term ‘fi-
nancial regulator’ means the Commission, the Com-
modity Futures Trading Commission, the Council, 
the Federal banking agencies, and the Office of Fi-
nancial Research. 
‘‘(2) INSURANCE COMPANY.—The term ‘insur-
ance company’ has the meaning given such term 
under section 201(a)(13).’’. 
(b) TECHNICAL AMENDMENT.—The table of contents 
for such Act is amended by inserting after the item relat-
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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