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S. 1544119th CongressIn committeeLatest action Apr 30, 2025Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
S 1544 forces federal regulators to exhaust state and public data sources before requesting information directly from insurance companies.
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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.
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.
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.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.