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.

90 Days Until Election Day, But It Feels Like 3 Years

August 5, 2020 In speaking recently with an elected official about the 2020 elections, he mentioned to me something I found somewhat profound. He said that during a crisis such as what we’ve seen throughout 2020, each month is like a year. The logic is that... Read more

USPS Reaches Agreement With Administration on CARES Act Loan

August 3, 2020 The U.S. Postal Service reached an agreement with the Treasury Department on the terms of a loan of up to $10 billion that was authorized in the CARES Act. The Postal Service was in deep financial trouble before the coronavirus struck, and the... Read more

NAMIC Continues Engaging With Key Members of Congress on BCPP

August 3, 2020 NAMIC has continued a comprehensive educational campaign in coordination with American Property Casualty Insurance Association and the Independent Insurance Agents & Brokers of America to educate key members of Congress on the details of the... Read more

More Related News >> >>

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.

NAIC Summer National Virtual Meeting Update

August 7, 2020 As we wrap up the second week and enter the home stretch of the NAIC’s 2020 summer meeting, regulators and interested parties alike are successfully overcoming many of the challenges posed by the “virtual” nature of this meeting. The meeting is... Read more

New Mexico: Department Proposes Rules to Adopt Changes to Holding Company Act, Financial Reporting

July 21, 2020 The Office of the Superintendent of Insurance has proposed two sets of rules to implement changes to National Association of Insurance Commissioners’ model acts. The first set of rules would revise New Mexico’s current rules implementing... Read more

Study on Cyber Insurance Attached to House Defense Reauthorization Bill

July 20, 2020 Rep. Al Green, D-Texas, is proposing an amendment to the National Defense Authorization Act that would require the Government Accountability Office to conduct a study analyzing availability of insurance coverage in the U.S. for... Read more

Louisiana NAIC 2017 Cybersecurity Model Law Enacted

June 19, 2020 Enacted HB 614 substantially adopts the provisions of NAIC’s Insurance Data Security model law. Read more

Property/Casualty Committee Receives Testimony From Industry, Consumer Groups on Regulator Response to COVID-19

June 18, 2020 The NAIC Property and Casualty Insurance (C) Committee met by conference call on June 10. As reflected on its agenda, the meeting covered several topics including risk retention groups, the private passenger auto insurance study, and... Read more

More Related News >> >>

Our Positions | Cybersecurity

Federal Government

NAMIC Position | Federal Government

90 Days Until Election Day, But It Feels Like 3 Years

USPS Reaches Agreement With Administration on CARES Act Loan

NAMIC Continues Engaging With Key Members of Congress on BCPP

National Association of Insurance Commisioners (NAIC)

NAMIC Position | NAIC

NAIC Summer National Virtual Meeting Update

New Mexico: Department Proposes Rules to Adopt Changes to Holding Company Act, Financial Reporting

Study on Cyber Insurance Attached to House Defense Reauthorization Bill

Louisiana NAIC 2017 Cybersecurity Model Law Enacted

Property/Casualty Committee Receives Testimony From Industry, Consumer Groups on Regulator Response to COVID-19

Issue Analysis Papers

Study on Cyber Insurance Attached to House Defense Reauthorization Bill

Louisiana NAIC 2017 Cybersecurity Model Law Enacted

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

DHS Holds Conference Call on Cybersecurity, Infrastructure

Georgia: Session Off to a Fast, Furious Start

Contacts

Advocacy

Education

Political Action

News & Media

About