NAIC Amps Up Cybersecurity Oversight

The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity Insurance Regulatory Guidance, is a document listing 18 principles for effective regulatory guidance regarding the protection of the insurance sector’s data security and infrastructure. The second is a proposed supplement to the annual statement to provide disclosure about cybersecurity insurance coverage written by U.S. licensed insurers. Comments on both drafts are due March 23.

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