NAIC Approves Insurance Data Security Model Law

The National Association of Insurance Commissioners has adopted a model law pertaining to insurance data security. The model law creates rules for insurers, agents and other licensed entities. Provisions include maintaining an information security program based on risk assessment, overseeing third-party service providers, investigating data breaches and notifying regulators of a cybersecurity event. Wisconsin Insurance Commissioner Ted Nickel, who is NAIC president, said the recent series of data breaches underscores the importance of cybersecurity. "Regulators have a critical...