U.S. Senator Katie Britt (R-Ala.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, on November 28 led 16 of her Senate colleagues in introducing the Insurance Data Protection Act. The bill would eliminate the FIO Director’s subpoena authority.
According to Britt, the legislation would correct the Federal Insurance Office’s (FIO) recent efforts to overstep into the state-regulated insurance industry, including its proposed “Climate-Related Financial Risk Data Collection.”
FIO was created in the Dodd-Frank Wall Street Reform and Consumer Protection Act with an explicit provision stating that the Office does not have general supervisory or regulatory authority
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