Federal agencies would lose direct access to insurer data under S 1544

What does this do?

S 1544 would remove the ability of the Federal Insurance Office and other federal financial regulators to collect data directly from insurance companies. Before making any direct request, regulators would first have to check whether the needed information already exists with state insurance regulators or in public sources. Direct collection from insurers would only be permitted if the data cannot be found elsewhere, and additional collection rules would apply even then.

Who does it affect?

The bill primarily affects insurance companies and the federal agencies that oversee financial stability and risk, including the Federal Insurance Office and the Office of Financial Research. State insurance regulators are also affected, as they would become the first stop for federal data requests.

Why does it matter?

The bill reinforces the existing arrangement in which insurance is mostly regulated at the state level by limiting federal data collection authority. It could influence how closely the federal government is able to monitor the insurance industry for potential financial risks.

Where does it stand?