Privacy/Data Security/Cyber Risk

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Today, August 24, 2015, in a long-anticipated decision, the Third Circuit has interpreted the enforcement authority of the Federal Trade Commission under the Federal Trade Commission Act to include cyber security deficiencies as “unfair” acts or practices in or affecting commerce.  The Third Circuit affirmed the District Court’s denial of…
Read More FTC Interpreted to be Cyber Security Police

June 9, 2015
8:00 am – 1:30 pm

Locke Lord LLP
750 Lexington Avenue, 8th Floor
New York, NY 10022

Program:
Registration 8:00 am
Program 8:30 am
Lunch 12:30 pm

Program:
The Current State of Antitrust Immunity for Insurance Companies
by Thomas F. Bush and Rowe W. Snider
…
Read More Complimentary Seminar – 14th Annual Half-Day Insurance and Reinsurance Seminar

On April 16, 2015, the Cybersecurity Task Force of the National Association of Insurance Commissioners adopted 12 principles for effective cybersecurity insurance regulatory guidance. Recognizing that cybersecurity risks pose a significant threat to consumer financial and health information, as highlighted by recent, significant data breaches, the NAIC took steps to…
Read More NAIC Issues 12 Principles for Insurance Regulatory Guidance on Cybersecurity

The NAIC’s Cybersecurity Task Force and Property and Casualty Insurance Committee are jointly weighing whether to add a required cybersecurity insurance coverage supplement to the already required Property and Casualty Annual Statement.  The supplement, which would be due April 1 annually, would be required of every reporting carrier writing a…
Read More NAIC Planning to Require Cybersecurity Insurance Data Submission

The New York State Department of Financial Services (NYDFS) has expanded its information technology examination procedures to focus more attention on cyber security. NYDFS intends to schedule IT/cyber security examinations after conducting comprehensive risk assessments. In a letter dated March 26, 2015, Superintendent Benjamin Lawsky (available here) asks…
Read More NYDFS to Focus on Cyber Security

An ad-hoc group of Surplus Lines interested parties held their semi-annual meeting on March 27, 2015 in Scottsdale, AZ.

NARAB II, TRIA reauthorization, cyberinsurance, Dodd-Frank and Ride Sharing insurance related matters were among the many issues discussed on several panels.

There were also discussions relating to:

  • Experiences related to Domestic

…
Read More Surplus Lines Law Group Holds it’s Semi-Annual Meeting in Scottsdale

MEDICAID INTERCEPTION
The Property and Casualty Insurance Committee adopted an amended 2014 NCOIL Model Act Regarding Medicaid Interception of Insurance Payments, which was approved by the Executive Committee later that day. The amended model creates an exemption for payments that a property-casualty insurer makes to fund a structured settlement annuity…

Read More Highlights of the National Conference of Insurance Legislators (NCOIL) Spring Meeting in Charleston, South Carolina, February 27 to March 1, 2015

The Federal Insurance Office has made it clear that it considers cyber insurance to play a crucial role in encouraging cyber security of companies as well as providing financial support for companies in the event of a cyber incident. Thus, for example, in comments at the quarterly meeting of the…
Read More FIO and States Working to Enhance Flow of Information within Cyber Insurance Industry

As further analyzed in our QuickStudy, available here, New Jersey has enacted a new law (P.L. 2014, c. 88, codified at N.J. Stat. Ann. §§ 56:8-196 – 56:8-198) effective August 1, 2015, requiring health insurance carriers authorized to issue health benefit plans in New Jersey to encrypt personal information…
Read More Attention, Health Insurers: Unique Encryption Requirements in NJ