Insurance Data Protection Act

Hozzl · 2024-12-28T00:53:13Z

Explore the details of House Bill 5535 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.

12/28/2024, 12:53 AM

Summary of Bill HR 5535

The Insurance Data Protection Act, also known as Bill 118 hr 5535, 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.

If passed, the Insurance Data Protection Act would require insurance companies to implement stronger data security measures to safeguard the personal information of their policyholders. This includes measures such as encryption, access controls, and regular security audits to prevent data breaches and unauthorized access.

Additionally, the bill would establish guidelines for notifying individuals in the event of a data breach, ensuring that affected individuals are promptly informed of any potential risks to their personal information. This transparency is crucial in helping individuals take necessary steps to protect themselves from identity theft and other forms of fraud. Overall, the Insurance Data Protection Act aims to strengthen data security practices within the insurance industry, ultimately enhancing consumer trust and confidence in the protection of their personal information. This bill is an important step towards ensuring that individuals' sensitive data is safeguarded from potential cyber threats and unauthorized access.

Congressional Summary of HR 5535

Insurance Data Protection Act

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 it complies with the Paperwork Reduction Act.

Read the Full Bill

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Current Status of Bill HR 5535

Bill HR 5535 is currently in the status of Bill Introduced since September 18, 2023. Bill HR 5535 was introduced during Congress 118 and was introduced to the House on September 18, 2023. Bill HR 5535's most recent activity was Placed on the Union Calendar, Calendar No. 787. as of December 19, 2024

Bipartisan Support of Bill HR 5535

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5535

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 5535

Insurance Data Protection Act

To prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from an insurance company.

Insurance Data Protection Act

Comments

Valentino Keith

376

10 months ago

I'm all for it! This bill will help protect our sensitive insurance data from cyber attacks. Did you know that this bill also includes provisions for increased transparency in insurance companies' data practices? #HR5535 #dataprotection #insuranceprivacy