Topic: Regulatory

Privacy & Cybersecurity Newsletter – November 2019

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.

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U.S. Insurance Regulators Achieve Positive Progress on Insurance Capital Standards

Team USA (collectively the National Association of Insurance Commissioners (NAIC), Federal Reserve Board (FRB), and the Federal Insurance Office (FIO) of the U.S. Treasury) achieved a major U.S. regulatory objective at the current 2019 Annual Meeting of the International Association of Insurance Supervisors (IAIS) regarding next steps and planned monitoring process for the Insurance Capital Standard (ICS) project.

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Texas Department of Insurance Warns Insurance Agents and TPAs About Unauthorized ‎Insurance Liability

The Texas Department of Insurance (“TDI”) has issued a warning about certain unauthorized ‎insurance and the liability that can attach to third-party administrators (“TPAs”) and insurance ‎agents that are involved in unauthorized insurance transactions, even when those parties hold ‎valid TDI licenses.

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Complimentary Webinar: Insurance IT Strategy and Regulatory Compliance: AI, CCPA and NY DFS

Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the potential effects of regulation on the use of analytics and AI in life insurance underwriting, how privacy requirements may affect insurer data governance and MDM strategies, and how third-party data security requirements may affect distribution technology strategies.

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New Hampshire Takes the NAIC Plunge

On August 2, 2019, New Hampshire became the most recent of many states that adopted an Insurance Data Security Law (Senate Bill 194-FN) modeled after the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law.  New Hampshire Governor Chris Sununu signed Senate Bill 194-FN (SB194) into law requiring insurance companies licensed in NH (“Licensees”) to implement information security programs, and to report cybersecurity events. 

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Connecticut Adopts Insurance Data Security Law

To date, six states from Michigan to Alabama have adopted versions of the National Association of Insurance Commissioner’s model insurance data security law (the “NAIC model”).  The NAIC model generally requires entities licensed or authorized to operate under a state’s insurance laws to develop a cybersecurity program, investigate and report data breaches, and certify compliance with the law to the state’s insurance commissioner.  Connecticut joined the growing list of states that have adopted a version of the NAIC model, buried in a budget bill, when Governor Ned Lamont signed Public Act 19-117 (the “Act”), on June 26, 2019, effective in relevant part on October 1, 2020.

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