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Westmont Wire

Review of Data Security Model Law Proceeds Through NAIC Panel

 

A revised Data Security Model Law has passed a National Association of Insurance Commissioners (NAIC) cyber-security panel prior to further review and approval at the NAIC Task Force and Executive Committee levels. The model law will require all applicable entities licensed under state insurance laws to implement an information security program. The following revisions have been made in this most recent revision:

  • The entities covered under the model act now include foreign assuming insurers domiciled and licensed in a foreign state.
  • The adequacy of an information security program will no longer be based upon the size and complexity of a covered entity’s activities, nor on the sensitivity of the nonpublic information at issue.
  • Covered entities must require all third-party service providers to implement appropriate measures securing the information accessible to, or held by, the aforementioned service providers.
  • ¬†Insurers domiciled in an adopting state are now required to submit annual statements certifying compliance with the act. This is opposed to the previous version, which only required statements upon the commissioner’s request.

The triggers for notifying the commissioner of a cybersecurity event or breach have been broadened.Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us.

856-216-0220
info@westmontlaw.com

NAIC Votes to Conduct Auto Insurance Data Call

The National Association of Insurance Commissioners’ Auto Insurance Working Group Panel recently voted to conduct a data call to evaluate the availability and affordability of auto insurance. The Panel wants to begin the data analysis quickly and industry representatives have indicated that the data might be provided by ISO in as few as three months.

For any questions or for assistance in compliance matters

Please contact Westmont Associates, Inc.
info@westmontlaw.com | (856) 216-0220 | www.westmontlaw.com

Delaware Department of Insurance to Increase Fee Structure Across the Board

 

On July 5, 2017, Delaware Insurance Commissioner Trinidad Navarro issued Universally Applicable Bulletin No. 2 affecting all parties engaged in the business of insurance in Delaware. Bulletin No. 2, effective July 1, 2017, notifies the insurance community of the increases to the fees and charges collected by the Delaware Department of Insurance. As a result of the changes, all checks postmarked after July 1, 2017 must be at the new rates listed in the bulletin. Insurers, Producers, and all parties currently operating in or seeking to operate in the state of Delaware should plan accordingly for these increases and the greater financial burden the increases will bring.

Click here to see Bulletin No. 2

For any questions regarding Bulletin No. 2, or for assistance in compliance matters pertaining to the new law, please contact Westmont Associates, Inc.
info@westmontlaw.com | (856) 216-0220 | www.westmontlaw.com


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