What organization collects medical data specifically for life and health insurance companies?

The Medical Information Bureau (MIB) is the organization that collects and maintains medical information specifically for life and health insurance companies. The MIB's primary function is to help insurance companies assess risk and verify the medical history of applicants, providing a centralized database of medical information that can be shared among member insurers. This service helps ensure that insurers can make more informed underwriting decisions, reducing instances of fraud and aiding in the management of risk.

In contrast, the Consumer Financial Protection Bureau focuses on consumer protection in the financial sector, which does not specifically relate to medical data collection for insurance purposes. The Health Insurance Portability and Accountability Act (HIPAA) establishes privacy and security standards for medical information but is not an organization that collects data. The National Association of Insurance Commissioners (NAIC) is a collective of state regulators that focuses on insurance regulation but does not collect medical data specifically for insurance companies. Thus, the MIB plays a crucial role in the process of underwriting by providing necessary medical data for life and health insurance companies.