NAMIC - Our Positions | Cybersecurity

Cybersecurity is an issue of growing importance for insurers as well as society in general. Insurers encounter cybersecurity issues in a variety of ways. Like all members of the interconnected business community, insurers are potential targets as they hold consumer personal information. Because of this, insurers have an obligation to take steps to protect that information as well as to play a role in the development of how society responds to the growing exposure to cyber risk by insuring.

Federal Government

The economic vitality and national security of the United States depends on a stable, safe, and resilient cyberspace. Individuals and business rely on a vast and interconnected array of networks for power, communications, financial services, transportation, and health, in addition to the provision of government services. Almost no aspect of 21st century life is not directly affected or threatened by cyber criminals and terrorists.

The 114th Congress passed legislation incentivizing the sharing of cyber-threat information between the private sector and the federal government. The main provision in the bill, called the Cybersecurity Information Sharing Act (CISA), provides protections from liability, non-waiver of privilege, and protections from Freedom of Information Act disclosure to encourage companies voluntarily to share information—specifically, information about “cyber threat indicators” and “defensive measures”—with the federal government, state and local governments, and other companies and private entities. To qualify for these protections the information shared must meet strict requirements such as the removal of personal information.

NAMIC Position | Federal Government

NAMIC supports federal activity that would help improve the nation’s ability to withstand cyber-attacks through threat information-sharing. Any information sharing requirements should not be overly burdensome and any security standards must be technologically neutral and based on outcomes.

Insurance Trades Unveil Federal Pandemic Solution

May 21, 2020 WASHINGTON, D.C. — The National Association of Mutual Insurance Companies, the American Property Casualty Insurance Association, and the Independent Insurance Agents & Brokers of America, Inc. today unveiled a new customer-focused proposal for... Read more

Preparing America for the Next Pandemic

May 21, 2020 As I was reflecting the other day on where we are with the COVID-19 crisis, I thought of Winston Churchill, having just finished Erik Larson’s great new book, The Splendid and the Vile: A Saga of Churchill, Family, and... Read more

Treasury Shares Concerns With Retroactive BI Legislation in Letters to Congressmen

May 18, 2020 After sending letters to the Treasury Department and the White House highlighting the consequences of enacting retroactive business interruption policy, Sen. Tim Scott, R-S.C., Rep. Steve Stivers, R-Ohio, and Rep. Ted Budd, R-N.C., received... Read more

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National Association of Insurance Commisioners (NAIC)

In 2014, the NAIC formed a Cybersecurity Task Force to undertake an ambitious agenda of work products, following the disclosure of a massive security breach at the health insurer Anthem. The Task Force developed a set of regulatory principles, proposed a “Bill of Rights” for consumers, and set out to develop a model law addressing data security issues for insurers and other regulated entities. The Task Force also enhanced financial exam standards to focus on cybersecurity issues and developed a supplement to the annual statement to collect information on insurers’ writing of cybersecurity insurance.

The NAIC Cybersecurity Task Force development of both data security standards and security breach protocol measures has involved addressing many issues including: 1) the breadth of definitions regarding personal information and cybersecurity breach event; 2) the inclusion of a harm trigger to determine when notice to regulators and consumers is required; and 3) the obligation to ensure proper measures and practices of third-party service providers.

NAMIC Position | NAIC

NAMIC has engaged in every initiative undertaken by the Cybersecurity Task Force by continually stressing the need for regulatory measures to be risk-based and scalable to match the needs and abilities of entities of varying size and complexity, and to be workable from a compliance perspective.

Alternative Accounting Methods Still Being Considered for Premium Refunds

May 22, 2020 The Statutory Accounting Principles (E) Working Group continues to propose and implement accounting interpretations related to COVID-19. An issue of great interest to NAMIC members relates to guidance on how to account for premium refunds issued in... Read more

NAIC Issues Business Interruption COVID-19 Data Call

May 22, 2020 The NAIC distributed a data call letter on May 11 to property/casualty insurers in 48 states, the District of Columbia, and the U.S. Virgin Islands, requesting data on business interruption coverage written in 2019 or 2020. The data call is... Read more

Next Steps Revealed on Group Capital Calculation Tool

May 22, 2020 Development around the NAIC Group Capital Calculation, a regulatory tool to be used to consider the aggregated regulatory capital held by an insurance group, took two major steps this week. First, the NAIC exposed for a 60-day comment period... Read more

Casualty Actuarial and Statistical Task Force Delays Final Exposure of Predictive Modeling White Paper

May 22, 2020 The NAIC Casualty Actuarial and Statistical (C) Task Force failed to expose for comment its expected near-final draft of a white paper on predictive analytics and modeling due to drafting errors. The task force held a previously scheduled call on... Read more

Antifraud Task Force Meets to Discuss Potential Fraud Issues Related to COVID-19

May 22, 2020 The Antifraud (D) Task Force held a call on May 20. As reflected on its agenda, the purpose was "to discuss the effects of COVID-19 as it relates to insurance fraud" and to "hear updates from state insurance departments as well as other... Read more

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Our Positions | Cybersecurity

Federal Government

NAMIC Position | Federal Government

Insurance Trades Unveil Federal Pandemic Solution

Preparing America for the Next Pandemic

Treasury Shares Concerns With Retroactive BI Legislation in Letters to Congressmen

National Association of Insurance Commisioners (NAIC)

NAMIC Position | NAIC

Alternative Accounting Methods Still Being Considered for Premium Refunds

NAIC Issues Business Interruption COVID-19 Data Call

Next Steps Revealed on Group Capital Calculation Tool

Casualty Actuarial and Statistical Task Force Delays Final Exposure of Predictive Modeling White Paper

Antifraud Task Force Meets to Discuss Potential Fraud Issues Related to COVID-19

Issue Analysis Papers

Virginia: Bureau of Insurance Solicits NAMIC Member Feedback on Cybersecurity Legislation Implementation Regulations

Privacy Model Efforts From the NAIC and Beyond

Coronavirus Affects Data Privacy Debate

Privacy Protections (D) Working Group Regulator-Only Efforts Remain Unseen

NAIC Big Data Working Group Continues to Explore Large Data Sets Without Specified Direction

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