[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5535 Reported in House (RH)]
<DOC>
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
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Insurance Data Protection Act''.
SEC. 2. REPEAL OF SUBPOENA AND ENFORCEMENT AUTHORITY.
Subsection (e) of section 313 of title 31, United States Code, is
amended by striking paragraph (6).
SEC. 3. CONFIDENTIALITY BY FEDERAL INSURANCE OFFICE.
Section 313(e) of title 31, United States Code, is amended in
paragraph (5)--
(1) in subparagraph (A), by inserting after ``Office'' the
following: ``and the sharing of any nonpublicly available data
with or by the Office among other Federal agencies, the State
insurance regulators and their collective agents, or any other
entities'';
(2) in subparagraph (C)(ii), by inserting ``any privilege
referred to in subparagraph (A) and'' after ``including''; and
(3) in subparagraph (D), by inserting ``including the
exceptions thereunder,'' after ``United States Code,''.
SEC. 4. LIMITATION ON SUBPOENAS BY THE OFFICE OF FINANCIAL RESEARCH.
Section 153(f)(1) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act is amended by inserting after ``financial company,'' the
following: ``other than an insurance company (as defined under section
201(a)(13)),''.
SEC. 5. CONFIDENTIALITY BY FINANCIAL REGULATORS.
(a) In General.--Title I of the Financial Stability Act of 2010 (12
U.S.C. 5343(f)(1)) is amended by inserting at the end the following:
``Subtitle D--Treatment of Data Collected From Insurance Companies
``SEC. 181. TREATMENT OF DATA COLLECTED FROM INSURANCE COMPANIES BY
FINANCIAL REGULATORS.
``(a) Advance Coordination.--Before collecting any data or
information from a nonbank financial company 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
information to be collected is available from, and may be obtained in a
timely manner by, such Federal agency or State insurance regulator,
individually or collectively, other regulatory 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, 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 information is not so available,
the financial regulator may collect such data or information from an
insurance company only if the financial regulator complies with the
requirements of subchapter I of chapter 35 of title 44, United States
Code (relating to Federal information policy; 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 financial 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 information 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.
``(2) Continued application of prior confidentiality
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 financial regulator, regarding
the privacy or confidentiality 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 section to the
financial regulator.
``(3) Information-sharing agreement.--Any data or
information obtained by a financial regulator may be made
available to State insurance regulators, individually or
collectively, through an information-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 described in paragraph (1)
and the rules of any Federal or 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 pursuant to this title or title II, as required under
this section.
``(c) Definitions.--For purposes of this section:
``(1) Financial regulator.--The term `financial regulator'
means the Commission, the Commodity Futures Trading Commission,
the Council, the Federal banking agencies, and the Office of
Financial Research.
``(2) Insurance company.--The term `insurance company' has
the meaning given such term under section 201(a)(13).''.
(b) Technical Amendment.--The table of contents for the Dodd-Frank
Wall Street Reform and Consumer Protection Act is amended by inserting
after the item relating 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.''.
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 Department of the
Treasury and other financial regulators from collecting data directly
from an insurance company.
_______________________________________________________________________
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