Insurance Data Protection Act

The Insurance Data Protection Act (S 3349) requires federal financial regulators to coordinate with state insurance regulators before collecting data from insurance companies, ensuring they first check if the data is already available from existing sources to avoid duplication. It protects the confidentiality of data shared with federal regulators, preventing waivers of existing privacy protections or legal privileges under federal or state law. The bill applies to insurance companies and federal financial regulators (such as the Federal Reserve and Commodity Futures Trading Commission), mandating that any data-sharing agreements with state regulators maintain confidentiality. Key provisions include a "coordination step" to reduce redundant data requests and strict rules preserving privacy obligations for all data handled under this law.