The bill seeks to amend existing sections of the United States Code, specifically aiming to repeal a paragraph pertaining to the subpoena and enforcement authority of federal regulators. By doing so, it will prevent these authorities from obtaining insurance company data without prior clearance. This legislation underscores the growing importance of data privacy in the financial sector and highlights state regulators' involvement in safeguarding the interests of insurance companies and their policyholders.
Summary
Senate Bill 3349, known as the Insurance Data Protection Act, aims to prohibit federal financial regulators, including the Federal Insurance Office, from directly collecting data from insurance companies. The intent of the bill is to safeguard the nonpublicly available data of these companies from potential misuse or unauthorized access by federal agencies. By emphasizing data privacy, proponents argue that the bill will enhance the confidentiality protections for insurance companies, thus fostering a more secure environment for sensitive financial and operational information.
Contention
While supporters of SB 3349 hail it as a necessary reform to fortify data protection, critics argue that it may hinder essential oversight capabilities of federal regulators. Opponents are concerned that the prohibition on data collection could impair the federal government's ability to monitor insurance companies effectively, especially in times of financial instability. The discussions around the bill have reflected broader tensions between the need for regulatory oversight and the imperative of protecting corporate privacy in the financial landscape.
A bill for an act relating to property taxation for commercial child care centers and facilities and including effective date, applicability, and retroactive applicability provisions.(Formerly HSB 224.)
A bill for an act relating to property taxation for commercial child care centers and facilities and including effective date, applicability, and retroactive applicability provisions.(See HF 668.)
A bill for an act placing assessment limitations for property tax purposes on commercial child care facilities, and including effective date, applicability, and retroactive applicability provisions.(Formerly HSB 316.)
A bill for an act placing assessment limitations for property tax purposes on commercial child care facilities, and including effective date, applicability, and retroactive applicability provisions.(See HF 991.)