The Federal Insurance Office and other financial regulators can currently collect data directly from insurance companies, using subpoena power if needed. This bill would strip that authority entirely — regulators would have to go through state insurance commissioners instead, who already collect the data as part of their oversight. It also blocks regulators from using insurance data collection to push international regulatory agreements that haven't been approved by Congress. The insurance industry has long argued that federal data collection duplicates what states already do and creates unnecessary compliance costs.
Corporate Benefits
- Federal Insurance Office subpoena authority — Repealed for direct collection from insurance companies
- Office of Financial Research subpoena reach — Insurance companies carved out of OFR's direct-collection authority
Transparency & Accountability
- Direct federal data collection from insurers — Routed through state insurance commissioners with advance-coordination requirement
- Systemic-risk monitoring scope — Federal regulators limited in collecting insurance data outside state channels
Congressional Summary
This bill limits the ability of federal entities to compel insurance companies to share information.Specifically, the bill eliminates the subpoena power of the Federal Insurance Office. Under current law, the office has the power to subpoena information from insurers to, among other purposes, identify issues that could contribute to a systemic crisis in the insurance industry or the U.S. financial system.The bill also eliminates the ability of the Office of Financial Research to subpoena insurance companies.When seeking to collect insurance company data under specified consumer protection laws, a financial regulator must obtain the data from other regulators or from publicly available sources if possible. Otherwise, the financial regulator may only collect this data directly from the insurance company if the regulator complies with the Paperwork Reduction Act.
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-05-15
- Date Added
- 2026-04-14
- Source
- Congress.gov →
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