PIA-Backed Federal Insurance Office (FIO) Reform Bill Passes House Financial Services
April 18, 2024WASHINGTON -- On April 17, the House Financial Services Committee voted to pass the Insurance Data Protection Act (H.R.5535), a key piece of legislation that will curtail the power of the Federal Insurance Office (FIO) by repealing its subpoena power. The bill was introduced by Rep. Scott Fitzgerald (R-WI) with the full support of the National Association of Professional Insurance Agents (PIA).
“The House Financial Services Committee’s passage of the Insurance Data Protection Act is a common sense measure to protect the state regulation of insurance and counteract the FIO’s attempts to increase its mandate,” said Jon Gentile, PIA Chief Public Affairs and Advocacy Officer.
The Insurance Data Protection Act would repeal the FIO’s enforcement power and require it to coordinate any data collection with state regulators. The legislation would also set forth confidentiality procedures and disclosure requirements governing the way data, once collected from insurance carriers, could be used by financial regulators.
“This legislation would limit the burden on insurers of duplicative data collection by the FIO and protect the primacy of the state regulation of insurance by ensuring the consultation of state insurance regulators in federal data collection efforts,” said Corey Weeks, PIA Manager of Government Relations.
PIA will continue to advocate in support of the Insurance Data Protection Act to urge its passage by the full House of Representatives and consideration in the Senate.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance but specialize in coverage of automobiles, homes, and businesses. PIA’s web address is www.pianational.org.
“The House Financial Services Committee’s passage of the Insurance Data Protection Act is a common sense measure to protect the state regulation of insurance and counteract the FIO’s attempts to increase its mandate,” said Jon Gentile, PIA Chief Public Affairs and Advocacy Officer.
The Insurance Data Protection Act would repeal the FIO’s enforcement power and require it to coordinate any data collection with state regulators. The legislation would also set forth confidentiality procedures and disclosure requirements governing the way data, once collected from insurance carriers, could be used by financial regulators.
“This legislation would limit the burden on insurers of duplicative data collection by the FIO and protect the primacy of the state regulation of insurance by ensuring the consultation of state insurance regulators in federal data collection efforts,” said Corey Weeks, PIA Manager of Government Relations.
PIA will continue to advocate in support of the Insurance Data Protection Act to urge its passage by the full House of Representatives and consideration in the Senate.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance but specialize in coverage of automobiles, homes, and businesses. PIA’s web address is www.pianational.org.