House Subcommittee Approves Bill to Prevent the Federal Insurance Office and Office of Financial Research from Collecting Data Directly from Insurance Companies

Eversheds Sutherland (US) LLP
Contact

On December 5, the Insurance, Housing and Community Opportunity Subcommittee of the House Committee on Financial Services approved H.R. 3559. 3559 addresses a sensitive issue regarding the proposed power of the Federal Insurance Office (FIO) and the Office of Financial Research (OFR) – maintaining confidentiality and privilege on information shared by insurers to governmental bodies not currently within the customary scope of disclosure by insurers. These federal agencies would not have the authority, in the first instance, to subpoena information directly from insurance companies. Instead, the FIO and OFR would need to obtain information on insurance companies through a procedure specified in the bill, which is described below.

According to the bill, the FIO and OFR would need to reach out to state insurance regulators, any applicable federal regulator and any public sources to determine whether the information is available from such sources. If the information is not available, then the FIO or OFR may collect the information from the insurance company.

Please see full publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Eversheds Sutherland (US) LLP | Attorney Advertising

Written by:

Eversheds Sutherland (US) LLP
Contact
more
less

Eversheds Sutherland (US) LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide