Insurance Data Protection Act aims to prevent financial regulators from collecting data directly from insurance companies.
The Insurance Data Protection Act seeks to prohibit the Federal Insurance Office and other financial regulators from collecting data directly from insurance companies. It mandates that financial regulators must first coordinate with relevant federal and state agencies to determine if the data can be obtained from other sources. If the data is not available from other sources, the financial regulator must comply with the Paperwork Reduction Act. The Act also ensures that sharing nonpublic data with financial regulators does not waive any existing legal privileges.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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