S. 1544: Insurance Data Protection Act
Sponsor
Katie Britt
Republican · AL
Bill Progress
Latest Action · Apr 30, 2025
Read twice and Referred to Banking, Housing, and Urban Affairs. for review
Why it matters
If this passes, insurers get a meaningful shield from federal data demands, especially from the Federal Insurance Office and the Office of Financial Research, and state regulators gain leverage as the main gatekeepers of industry information. The tradeoff is that federal officials would have less ability to independently gather data during market stress, even as the bill appears to preserve broad sharing of nonpublic information once it is in government hands, including with other federal agencies, state regulators, and potentially other entities under the bill’s confidentiality language.
S. 1544 Common Questions
Can the Office of Financial Research collect data directly from insurance companies?
No. Under the Insurance Data Protection Act (SEC. 4), the Office of Financial Research is barred from collecting data directly from an insurance company as defined in the Financial Stability Act.
Does S1544 stop the Federal Insurance Office from using subpoena and enforcement authority?
Yes. According to S1544 SEC. 2, 31 U.S.C. 313(e) is amended by striking paragraph (6), repealing that subpoena and enforcement authority.
Can the Federal Insurance Office share nonpublic insurance data with state regulators?
Yes. Under the Insurance Data Protection Act (SEC. 3), the Federal Insurance Office may share nonpublicly available data and information with State insurance regulators or their agents.
Can the Federal Insurance Office share nonpublic data with other federal agencies?
Yes. Under the Insurance Data Protection Act (SEC. 3), nonpublicly available data and information may be shared with any other Federal agency.
Can the Federal Insurance Office share confidential insurance data with private entities?
Yes. According to S1544 SEC. 3, sharing of nonpublicly available data and information is allowed with “any other entity,” subject to the bill's confidentiality protections.
What confidentiality protections apply when the Federal Insurance Office shares nonpublic data?
Under the Insurance Data Protection Act (SEC. 3), confidentiality protections are expanded to cover shared nonpublic data, including privileges described in subparagraph (A).
Does S1544 preserve legal privilege when insurance data is shared by federal regulators?
Yes. According to S1544 SEC. 3, the bill extends confidentiality language to include privileges tied to shared nonpublic information.
Are confidentiality exceptions still allowed for insurance data shared by the Federal Insurance Office?
Yes. Under the Insurance Data Protection Act (SEC. 3), the confidentiality provision expressly includes the exceptions under that section.
Does the bill create a new confidentiality subsection for financial regulators?
Yes. According to S1544 SEC. 5, the Financial Stability Act of 2010 is amended by adding a new subsection (b) on confidentiality by financial regulators.
Which law defines an insurance company for the OFR data collection ban in S1544?
Under the Insurance Data Protection Act (SEC. 4), “insurance company” uses the definition in section 201(a) of the Financial Stability Act of 2010.
Based on S. 1544 bill text
S1544 Legislative Journey
Committee Action
Apr 30, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
About the Sponsor
Katie Britt
Republican, AL · 3 years in Congress
Committees: Commission on Security and Cooperation in Europe, Banking, Housing, and Urban Affairs, Rules and Administration
View full profile →
Cosponsors (11)
All 11 cosponsors are Republicans. Cosponsors represent 11 states: Idaho, Indiana, Louisiana, and 8 more.
Committee Sponsors
Banking, Housing, and Urban Affairs Committee
11 of 24 committee members cosponsored
2 Republicans across this committee haven't cosponsored yet. Mobilize their constituents
What laws does S. 1544 change?
1 changes
Sections Amended
Section 1(b) of Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203)
inserting after the item relating to section 176 the following: ``Subtitle D--Treatment of Data Collected From Insurance Companies ``Sec
S. 1544 Quick Facts
- Committee
- Banking, Housing, and Urban Affairs
- Chamber
- Senate
- Policy
- Finance and Financial Sector
- Introduced
- Apr 30, 2025
Read twice and Referred to Banking, Housing, and Urban Affairs. for review
Apr 30, 2025
S. 1544 Bill Text
“To prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from an insurance company.”
Source: U.S. Government Publishing Office
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