Category

Insurance

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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20 February 2019

New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. The Circular Letter follows an investigation commenced by NYDFS regarding life insurers’ use of external … Read More

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