InsurTech Center

States begin adopting insurance cybersecurity requirements

Because of the multi-state nature of the insurance industry, major insurance licensees will likely adopt stringent cybersecurity compliance programs.

By Lawrence R. Hamilton, Jeffrey P. Taft and Matthew Bisanz | March 29, 2019 at 09:00 AM

The NAIC's Insurance Data Security Model Law has been well received at the federal level, with the Department of the Treasury strongly endorsing it and recommending that Congress consider adopting federal legislation. (Illustration: Stuart Briers for ALM Media)

In October 2017, the NAIC adopted an Insurance Data Security Model Law that builds on existing data privacy and consumer breach notification obligations. The Model Law requires every insurance licensee in a state (unless they qualify for an exemption) to maintain a written cybersecurity policy and implement a risk-based cybersecurity program. The Model Law also requires a licensee to satisfy specific requirements related to:

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