Insurance Data Protection Act

Hozzl · 2024-01-26T05:14:23Z

Explore the details of Senate Bill 3349 Insurance Data Protection Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/26/2024, 5:14 AM

Summary of Bill S 3349

Bill 118 s 3349, also known as the Insurance Data Protection Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to enhance the protection of sensitive personal information held by insurance companies.

The bill requires insurance companies to implement certain data security measures to safeguard the personal information of their policyholders. This includes requirements for encryption, access controls, and regular security assessments. In the event of a data breach, insurance companies would be required to notify affected individuals and regulators in a timely manner.

Additionally, the Insurance Data Protection Act establishes a framework for the regulation of data security practices within the insurance industry. This includes the creation of a national data security standard that insurance companies must adhere to, as well as the establishment of penalties for non-compliance. Overall, the goal of Bill 118 s 3349 is to protect consumers from the potential harm that can result from the unauthorized access or misuse of their personal information by insurance companies. By setting clear standards for data security and imposing consequences for violations, this legislation aims to improve the overall security of sensitive information within the insurance industry.

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Current Status of Bill S 3349

Bill S 3349 is currently in the status of Bill Introduced since November 28, 2023. Bill S 3349 was introduced during Congress 118 and was introduced to the Senate on November 28, 2023. Bill S 3349's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of January 25, 2024

Bipartisan Support of Bill S 3349

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3349

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3349

Insurance Data Protection ActInsurance Data Protection ActA 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.

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