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NAIC Report: 2017 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met in Philadelphia, Pennsylvania for the 2017 Summer National Meeting from August 5-9. Commissioners, staff and interested parties alike converged in Philadelphia hoping for a busy and productive meeting ahead of what is expected to be a sparsely attended Fall National Meeting in Honolulu, Hawaii. The National Meetings were...

NAIC Takes Major Step Toward Final Approval of Insurance Data Security Model Law

In a flurry of approvals last week, the National Association of Insurance Commissioners (NAIC) took substantial steps toward finalizing its proposed Insurance Data Security Model Law during the 2017 NAIC Summer National Meeting in Philadelphia. The Model Law establishes minimum cybersecurity standards consistent with New York’s cybersecurity regulation. The approval of the Model Law by...

NAIC Task Force Hosts Insurance Data Security Model Law Meeting

On May 24 and 25, the National Association of Insurance Commissioners (the “NAIC”) Cybersecurity (EX) Task Force (the “Task Force”) hosted a meeting in which state insurance commissioners and interested parties were invited to provide comments to and voice concerns about the current draft of the Insurance Data Security Model Law (the “Model Law”).  This Model Law is designed to...

The New York Department of Financial Services Releases Potential New Cybersecurity Rules

On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee that outlines key regulatory proposals that NYDFS is considering as new regulations to increase financial sector cybersecurity defenses. The letter is written to “help spark...

NAIC Task Force Adopts a Cybersecurity “Bill of Rights” Despite Industry Objections

On October 14, the National Association of Insurance Commissioners Cybersecurity Task Force (NAIC Task Force) adopted a version of the Cybersecurity Bill of Rights for insurance consumers. The Bill of Rights claims to outline the rights insurance consumers can expect when insurers, agents and other businesses collect personal consumer information and experience data breaches. It was...

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