H. R. 5535, titled the "Insurance Data Protection Act," aims to prevent the Federal Insurance Office and other financial regulators from directly collecting data from insurance companies. Instead, they must first seek available information from other federal or state agencies...
Simple Explanation
H. R. 5535 is a proposed law that says government agencies can't get information directly from insurance companies; instead, they have to try to get it from other places first, like other government offices. The bill also makes sure any private information shared stays secret.