Insurance Data Protection Act: Limiting Federal Access to Private Company Information.
This law restricts federal agencies, such as the Federal Insurance Office, from directly collecting nonpublic data from insurance companies. Agencies must first coordinate with state regulators to see if the information is already available there. This aims to enhance the confidentiality and privacy protections for the data you share with your insurer.
Key points
Federal agencies are prohibited from demanding private data directly from insurance companies; they must first seek it from state regulators.
Data shared with financial regulators maintains existing privacy agreements and legal privileges, strengthening confidentiality protections for policyholders.
The Federal Insurance Office (FIO) loses its authority to issue subpoenas and enforce data collection from insurers.
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