US HB3437

Repeals the Federal Insurance Office's subpoena and enforcement authority to collect data directly from insurance companies under Section 313(e) of title 31, United States Code

Prohibits the Office of Financial Research from issuing subpoenas to insurance companies, exempting them from data collection requirements under the Financial Stability Act of 2010

Requires federal financial regulators (SEC, CFTC, Financial Stability Oversight Council, federal banking agencies, Office of Financial Research) to first coordinate with state insurance regulators and check publicly available sources before seeking any insurance company data

Mandates that if data is unavailable from existing regulatory sources, federal agencies must comply with Paperwork Reduction Act requirements before collecting directly from insurers

Strengthens confidentiality protections for nonpublic insurance company data, preserving legal privileges and requiring compliance with prior confidentiality agreements when information is shared between federal and state regulators