Videocast: Asset management regulation in 2020 videocast series – The annuity regulatory landscape
The Intersection of Big Data and Insurance Regulation
InsurTech and the Changing Distribution Model
A warm welcome to the Summer edition of Conyers Coverage. The whirlwind that is the Cayman Islands (re)insurance industry continues to blow with gusto! To keep you updated on recent developments, we include various items from...more
Over the last few years, the work of the Cybersecurity (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) has focused on cybersecurity risk to insurance licensees such as insurance carriers,...more
The National Association of Insurance Commissioner (NAIC)’s model data security law (“Model Law”) was recently adopted by Maine and North Dakota. This addition brings the total number to states that have joined the NAIC...more
States continue to implement insurance-specific cyber and data security regulations, drawing on either the National Association of Insurance Commissioners Insurance Data Security Model Law (“Model Law”) or the New York...more
Since July 1, 2019, Delaware, New Hampshire and Connecticut have enacted laws imposing new cybersecurity requirements on insurers. These laws follow similar statutes already operating in at least six other states: Alabama,...more
Delaware (July 31, 2019) and New Hampshire (August 2, 2019) have become the latest states to add to the insurance cybersecurity landscape by enacting information security laws. These laws come on the heels of Connecticut’s...more
To date, six states from Michigan to Alabama have adopted versions of the National Association of Insurance Commissioner’s model insurance data security law (the “NAIC model”). The NAIC model generally requires entities...more
On July 31, 2019, Governor Carney signed the Delaware Insurance Data Security Act (formerly, HB 174) into law. Based on the National Association Of Insurance Commissioners (NAIC) Insurance Data Security Model Law, the...more
If you are an insurance provider, you are already awash in regulatory quagmires. Now, you can add one more. In fact, if you don’t have a comprehensive data privacy and security plan in place, then you may not be in compliance...more
At the end of last year, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. The “purpose and intent” of the law is to “establish[] standards for data security and...more
They seem to come earlier every year, don’t they? Grab your seasonally spiced latte and huddle around the bonfire to read the final version of the Insurance Data Security Model Law (Data Security Model) adopted by the...more
Insurers and organizations regulated by state insurance departments need to be prepared to meet the requirements of the model data security law, which may be finalized this year. In late 2014, the National Association of...more
In the movie WallStreet , the character Gordon Gekko famously states that information is the most valuable commodity he knows. These days, the same could be said of data, which can now be bought, sold, and, increasingly,...more
You may not realize how much personal information your insurance company has about you. Scarier still is that much of this data is sensitive and valuable to hackers – such as your Social Security number, financial...more
Cybersecurity awareness month is nigh upon us again, and thus perspective is in order. 2016 brought us the first collection and analysis of the nascent claims history of the burgeoning cyber-insurance market. On August 27,...more
The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Task Force has received significant industry comments regarding its revised draft Insurance Data Security Model Law issued August 17, 2016 (the...more
The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Task Force released its second version of the Insurance Data Security Model Law (Model) on August 17. The first version was exposed on March 3, and...more
Insurers are a prime target for hackers as a result of the vast stores of valuable data they maintain. Not all information is created equal, and it varies in value. Hacker services and software, illegal drugs, cyberweapons...more
The National Association of Insurance Commissioners’ (NAIC) Cybersecurity Task Force released a revised draft of the Insurance Data Security Model Law (Model Law) last week. The Model Law’s goal is to “establish exclusive...more
The National Association of Insurance Commissioners (NAIC) Cybersecurity Task Force released a revised draft of the Insurance Data Security Model Law (Model Law) last week. The Model Law’s goal is to “establish exclusive...more
- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium -...more
On May 24-25, the NAIC Cybersecurity (EX) Task Force held an interim meeting to hear comments from various industry trade organizations and other interested parties on the proposed Insurance Data Security Model Law exposed...more
Earlier this year, the National Association of Insurance Commissioners’ (NAIC) Cybersecurity Task Force proposed a comprehensive model law that covers, among other things, data security breach reporting. The model law...more
Early this month, the NAIC Cybersecurity (EX) Task Force released a preliminary working and discussion draft of an Insurance Data Security Model Law. While praise worthy in its effort to provide uniformity for data security...more