Insurance Data Protection: Less Direct Data Collection from Insurers
This new law limits the ability of federal financial regulators to directly collect data from insurance companies. It aims to enhance the privacy protection of insured individuals' data, as agencies must first check if needed information is already available from other sources before directly approaching companies. This means your insurance data will circulate less freely among various government agencies.
Key points
Federal financial regulators can no longer directly request data from insurance companies if that data is available elsewhere.
Stronger confidentiality rules are introduced for insurance data shared with regulators, protecting your privacy.
Insurance companies retain their data confidentiality privileges even when sharing with regulators.
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