On October 24, 2017, following an 18 month deliberative process, the U.S. National Association of Insurance Commissioners (NAIC) voted to approve the Insurance Data Security Model Law (Cyber Model Law). In October 2017, the National Association of Insurance Commissioners (NAIC) adopted its Insurance Data Security Model Law (the NAIC Model) to establish standards for data security and the investigation and notification of certain cybersecurity-related events. The Model Law outlines standards and best practices that insurance companies should include in their information security programs. On Oct. 24, the National Association of Insurance Commissioners (NAIC) formally approved the Insurance Data Security Model Law (model law). The NAIC’s model law establishes a legal framework for requiring insurance organizations to operate complete cybersecurity programs, including everything from planned cybersecurity testing and board-level involvement in the information security program to incident response plans and specific breach notification procedures. The NAIC’s model law establishes a legal framework for requiring insurance organizations to operate complete cybersecurity programs, including everything from planned cybersecurity testing and board-level involvement in the information security program to incident response plans and specific breach notification procedures. The NAIC is … Cybersecurity has risen to be among the top finance and insurance industry concerns. As discussed in a previous newsletter analyzing the current cybersecurity landscape, the National Association of Insurance Commissioners (NAIC) established its own standards, known as the NAIC Insurance Data Security Model Law.This model law, which establishes data security and data breach investigation and resolution standards across the insurance industry, … (2) Address cybersecurity risks into the licensee’s enterprise risk management process; and (3) Use an nformation I Sharing and nalysis AOrganization (ISAO) to share information and stay The “Insurance Data Security Law” contains regulations on risk assessment, risk management, cybersecurity, and an incident response plan. While the Connecticut law does not break new substantive ground, it is significant for two reasons. The Act became effective on January 1, 2019. The number and... Regulators bear fruit. The model law has been a project of significance for the NAIC for some time, frequently cited as a priority and necessity by leaders of the regulator organization. The National Association of Insurance Commissioners (NAIC), a regulating body, has recognized the cybersecurity risks to their industry and has started taking action. The NAIC website states that “Cybersecurity is perhaps the most important topic for the insurance sector today.” The “Insurance Data Security Law” is born This “Model Law,” formally known as the Insurance Data Security Model Law , sets certain security expectations and operations guidelines for insurance companies. The states largely are using a 2017 model law by the National Association of Insurance Commissioners, which draws from the New York Department of Financial Services’ cybersecurity regulation for the financial services industry. The National Association of Insurance Commissioners (NAIC) has made cybersecurity and data protection a top priority. Against a backdrop where cybersecurity is becoming top-level priority for insurance companies entering 2018, the National Association of Insurance Commissioners adopted a model law that lays out a defined set of terms and requirements for the insurance industry on Oct. 24. The law, which establishes standards for data security and the investigation and notification of cybersecurity events in the insurance industry, will become effective once it The National Association of Insurance Commissioners (“NAIC”), which had separately been preparing a model cybersecurity law, adopted a model law that closely resembled the DFS Regulation. In most instances, the states’ new requirements will be based on the Insurance Data Security Model Law, as finalized by the National Association of Insurance Commissioners at the end of 2017. The NAIC Model Law, unlike the NYDFS regulations, provides specific notification requirements to ceding insurers (as a result of a reinsurer's cybersecurity event) and producers of record. protections are currently provided for under state law. Data Security Model Law (the “Model Law”). April 4, 2019. In October 2017, the National Association of Insurance Commissioners (NAIC) established an Insurance Data Security Model Law and released it to states for legislative consideration. The Cybersecurity Working Group and the Innovation and Technology Task Force of the National Association of Insurance Commissioners (NAIC), at the NAIC Summer 2017 National Meeting in Philadelphia, approved the Insurance Data Security Model Law. From GLBA to New York’s 23 NYCRR 500 to the NAIC Data Security Model Law… Commentary NAIC Adopts Model Law on Cybersecurity: Will States Adopt It? On May 3, 2018, Governor Henry McMaster signed into law the South Carolina Insurance Data Security Act (the "Act"). This document functions as a Consumer Bill of Rights and will be incorporated into NAIC model laws and regulations. The model law’s purpose is to establish standards for data security and for the investigation of and notification to the Commissioner of a cybersecurity event. South Carolina was the first state in the nation to pass this important and timely legislation which was modeled after the NAIC Insurance Data Security Model Law. The National Association of Insurance Commissioners (NAIC), the standard-setting body for U.S.-based insurers, introduced a new cybersecurity standard in October of 2017. 5 Things to Know About the NAIC’s New Cybersecurity Model Law This much we know. NAIC adopts model law on cybersecurity: Will states adopt it? The intent of the model law is to establish standards for data security, the investigation of cybersecurity events …

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