The "Insurance Data Protection Act" aims to significantly restrict federal financial regulators' direct data collection from insurance companies and enhance the confidentiality of insurance data. It specifically repeals the Federal Insurance Office's (FIO) direct subpoena authority and amends its confidentiality provisions to prevent the sharing of nonpublic data with other federal agencies, state regulators, or other entities. Furthermore, the bill explicitly excludes insurance companies from the subpoena power of the Office of Financial Research (OFR) . A central provision requires other federal financial regulators, including the Commodity Futures Trading Commission, the Financial Stability Oversight Council, federal banking agencies, and the OFR, to engage in advance coordination before collecting any data from an insurance company. These regulators must first determine if the required data is already available from existing federal agencies, state insurance regulators, or publicly available sources. If the data is indeed available from these alternative sources, the financial regulator is mandated to obtain it from them. Direct data collection from an insurance company is permitted only as a last resort, if the data is not available elsewhere, and requires compliance with the Paperwork Reduction Act. The bill also establishes robust confidentiality protections, ensuring that sharing nonpublic data with a financial regulator does not waive any existing legal privileges. It stipulates that prior confidentiality agreements remain applicable to shared data and allows for information-sharing agreements with state insurance regulators under strict conditions that preserve confidentiality and privilege.