2017 NAIC Insurance Data Security Model Law: New Reporting Rules Following a Cybersecurity Breach

On Oct. 27, 2017, the NAIC officially adopted the Insurance Data Security Model Law to establish standards for data security and the investigation and notification requirements following a cybersecurity event.

The NAIC Model Law includes some of the most comprehensive and stringent data breach notification requirements of any in the industry. For example, the new rules require an insurer to notify not only the state insurance commissioner, but also law enforcement, payment card networks, the individual consumers, and credit reporting agencies if the breach impacts more than 1,000 consumers.

Once adopted by the states, the Model Law is expected to bring more uniform and predictable handling of data security breaches among insurers and other regulated entities from state to state. Counsel for insurers must be aware of best practices and pitfalls to avoid when advising clients across multiple jurisdictions.

Listen as our authoritative panel provides critical insight on how this new law is expected to impact insurers, policyholders and consumers, and how to best prepare clients for the transition.

1. An overview of the Insurance Data Security Model Law
2. Guidance for counsel of insurers
3. Impact of new rules on policyholders and consumers

The panel will review these and other key issues:

• New reporting requirements for insurers
• Obligations of policyholders
• Coordinating response to maximize compliance and minimize impact