US Federal House Bill HB3437

US Federal 2025-2026 Regular Session

• Introduced: 5/15/25
• Refer: 5/15/25

Caption

Insurance Data Protection Act

Summary

HB3437, the Insurance Data Protection Act, would restrict federal financial regulators from collecting data directly from insurance companies when that information can be obtained from other federal or state agencies, regulators, or public sources in a timely manner. Before seeking data from an insurance company, regulators would have to coordinate with relevant agencies and use those alternative sources first. If the information is not otherwise available, the bill allows direct collection only if the regulator complies with the Paperwork Reduction Act. The bill also adds confidentiality protections for insurance-company data shared with federal regulators. It states that sharing nonpublic information with a regulator does not waive legal privileges, preserves existing confidentiality obligations and written agreements, and allows information-sharing with state insurance regulators without waiving privilege. It further clarifies that FOIA disclosure rules apply to covered submissions and makes technical amendments to Dodd-Frank and related financial-stability provisions.

Impact

The bill would amend several provisions of title 31 and the Financial Stability Act of 2010, including the Federal Insurance Office’s authority and the Office of Financial Research’s subpoena powers, to limit direct data collection from insurance companies and to require greater reliance on existing sources. It would also create a new subtitle in the Financial Stability Act governing treatment of data collected from insurance companies by financial regulators, affecting the Federal Insurance Office, the SEC, CFTC, Federal banking agencies, the Financial Stability Oversight Council, and state insurance regulators.

Sentiment

No committee transcripts or recorded votes were provided, so there is no documented floor or committee sentiment in the materials. Based on the bill text alone, the measure appears to reflect a deregulatory and privacy-protective approach favored by its bipartisan list of House sponsors, emphasizing reduced federal burden on insurers and stronger confidentiality protections for sensitive insurance data.

Contention

The main point of contention is likely the balance between regulatory access to information and protection of insurance-company data. Supporters appear to favor limiting duplicative federal requests, reducing compliance burdens, and preserving privilege and confidentiality. Potential critics may argue that the bill could make it harder for federal regulators to obtain timely, direct information needed for oversight, supervision, or systemic-risk monitoring, especially if agencies must rely first on third-party sources or state regulators.