US Treasury Report Supports Uniform State Legislation. Insurers and Data Security. See the Bill.

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The U.S. Treasury Department’s October 276.2017 report entitled, A Financial System
That Creates Economic Opportunities Asset Management and Insurance, goes all in for uniform state legislation for data security model legislation for insurers.

What is the model legislation? The NAIC Data Security Model Law 

What’s the 10,000 foot view of the Model law?

  • Applies to insurers, agents, and other licensees.
  • Cover 3 hot data security issues:
    • implementation of information security programs
    • investigation of cybersecurity events, includ­ing risk assessment and risk management, as well as oversight of third-party service providers
    • notification to state insurance regulators about cybersecurity events 
  • The Model law does not take the place of stte data privacy and data breach notification laws