U.S. Senator Katie Britt (R-Ala.) and 16 co-sponsors have introduced the “Insurance Data Protection Act” to amend current law and mitigate what they call overstepping by the Federal Insurance Office (FIO) into state-regulated insurance.
The bill would prohibit the FIO and other financial regulators from collecting data directly from insurance companies and eliminate the FIO director’s subpoena authority.
Currently, federal law allows the FIO to request data and information to monitor all insurance activity, including regulation issues and affordable insurance access for minorities and underserved communities.
