Waukesha Times

Congressman Scott Fitzgerald has reintroduced the Insurance Data Protection Act, aiming to limit the Federal Insurance Office's (FIO) powers. The proposed legislation seeks to revoke FIO's subpoena authority and restrict its data collection from state insurance regulators.

"FIO’s recent push to collect insurance underwriting data under the guise of climate risk is just another example of unelected bureaucrats advancing a political agenda that has no place in insurance regulation," stated Congressman Fitzgerald. He emphasized that the act would "curb this federal overreach by repealing FIO’s coercive subpoena powers and strengthening safeguards for consumer data."

David Chavern, President and CEO of the American Council of Life Insurers, expressed support for the bill, stating it "would greatly enhance safeguards for consumer data and reaffirm state regulators’ authority to oversee the insurance industry." He added that it allows FIO to continue advising on insurance-related matters.

Jimi Grande from NAMIC commended Rep. Fitzgerald for his leadership, noting that "FIO was created as an information resource, not a regulator." Grande criticized FIO's use of subpoena authority as a tool for pushing political agendas.

PIA CEO Mike Skiados remarked on FIO's attempts to expand its authority beyond its mandate. He praised the Insurance Data Protection Act for reinforcing state insurance departments' roles.

Historically, state regulators have managed insurance companies for around 150 years. However, under the Biden-Harris Administration, FIO has been more aggressive in collecting data without collaborating with state regulators. This includes efforts related to assessing "climate-related financial risk."

The bill is supported by several organizations including ACLI, APCIA, Big “I”, NAMIC, and PIA.