NAIC Insurance Data Security Model Law – States Are Next

On October 24, the National Association of Insurance Commissioners (NAIC) Executive (EX) Committee and Plenary granted final approval to Version 6 (with technical corrections[i]) of the Insurance Data Security Model Law (Model). The Model is now available for consideration and adoption by the states. South Carolina and Vermont were the first to indicate their desire to submit the Model for their respective 2018 legislative calendars. 

The Model, which ultimately seeks to create information security standards for insurers, required intensive efforts over the past 18 months by regulators, insurance industry representatives, and consumer advocates. Altogether, their work has generated six Model versions, numerous teleconferences, much negotiation, and over 640 pages of comments. Slipping in just before the end of National Cybersecurity Awareness Month,[ii] the final version of the Model passed with only one "No" vote.