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States not rushing to pass NAIC cybersecurity model

Unanswered questions include whether compliance with the model law will be an accreditation requirement and whether there’s a need for a law regulating just insurance companies, not all businesses.

NAIC has proposed a cybersecurity law for insurance companies but states have been slow to adopt it.

The “Insurance Data Security Model Act,” a significant initiative of the National Association of Insurance Commissioners (NAIC) in response to concerns about cybersecurity and the result of more than a year and a half of drafting work, was completed in October 2017 to be ready to roll out to states during the 2018 legislative sessions.

It wasn’t clear at the start of the sessions how many states would adopt or even introduce the bill during the first year after its development, and two months into the session only a handful of states had shown indications of meaningful legislative action in 2018. Regulators in South Carolina and Rhode Island who had led the model law development process at the NAIC were the first ones to seek its introduction.

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