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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 and notification of the commissioner of cybersecurity events.

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The model law is similar, but not identical, in structure and scope to New York’s recent cybersecurity rules applicable to banks, insurance companies and other financial services companies. (Photo: Shutterstock)

On Oct. 24, the National Association of Insurance Commissioners (NAIC) formally approved the Insurance Data Security Model Law (model law).

The NAIC is a standard setting and regulatory support organization consisting of the top insurance regulators from the 50 states, District of Columbia, and five U.S. territories.

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