Insurance Information Act of 1986 - Requires commercial insurance companies to report specified information annually to the Secretary of Commerce. Details the reporting requirements, which include data on premiums, claims, legal costs, economic losses, investment income, and cancellations. Requires the Secretary to: (1) issue a report summarizing such information by September 30 of each year; and (2) send copies of such report to specified Federal and State officials (to be made available to the general public upon request). Establishes a maximum penalty of $100,000, or five years imprisonment, or both, for any person who: (1) fails to file such report as prescribed; or (2) knowingly makes any false statement or omission of fact in such report. Requires the Secretary to: (1) issue regulations to implement this Act; (2) issue a list of standard classes of business and of standard units of exposure for which any commercial insurance company must report data; and (3) issue a reporting form to be used by commercial insurance companies to carry out the purpose of this Act.