Category

Insurance

23 June 2022

Kentucky and Maryland Recently Joined Other States in Adopting NAIC Model Data Security Law

Kentucky and Maryland recently continued the trend of state insurance departments adopting some version of the National Association of Insurance Commissioners’ (“NAIC”) Insurance Data Security Model Law.  Kentucky Governor Andy Beshear signed House Bill 474 into law, and Maryland Governor Larry Hogan signed SB 207.

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12 October 2021

Data Breaches are More Expensive than Last Year, New IBM Security Report Finds

Death, taxes and data breaches. Cybersecurity incidents have grown in frequency, scale and seriousness. As articulated in President Biden’s May 2021 Executive Order, Improving the Nation’s Cybersecurity, “[t]he United States faces persistent and increasingly sophisticated malicious cyber campaigns that threaten the public sector, the private sector, and ultimately … Read More

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20 September 2021

Regulatory Update: NAIC Summer 2021 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Summer 2021 National Meeting (Summer Meeting) August 14-17, 2021. As a result of the continuing COVID-19 pandemic, the NAIC met in a hybrid format with attendees participating both in person and virtually. This post summarizes the highlights from this meeting in … Read More

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10 February 2021

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Issuance of the Framework is notable as it represents the first official guidance by a … Read More

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02 February 2021

NAIC Insurance Data Security Law Annual Certifications: Is Yours Due By February 15?

Most cybersecurity professionals are aware of the New York Department of Financial Service’s requirement imposed on DFS-licensed entities to certify their cybersecurity program’s compliance on an annual basis (by April 15th of each year), but less well known is that numerous other states impose similar requirements on regulated insurance entities … Read More

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28 December 2020

Regulatory Update: NAIC Fall 2020 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Fall 2020 National Meeting (Fall Meeting) December 3-9, 2020. As a result of the continuing COVID-19 pandemic, the NAIC once again met in a virtual format. This Sidley Update summarizes the highlights from this meeting in addition to interim meetings that … Read More

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03 September 2020

Regulatory Update: NAIC Summer 2020 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Summer 2020 National Meeting (Summer Meeting) from July 27 to August 14, 2020. As a result of the COVID-19 pandemic, the NAIC held the Summer Meeting in a virtual format, with conference calls taking place over a three-week period. Despite not … Read More

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