From: Mondaq
Article by CyberLex Blog, Ana Badour, Dan Doliner, Kirsten Thompson and Zachary Masoud |McCarthy Tétrault LLP
The Federal Insurance Office, U.S. Department of the Treasury (“FIO“) released its first annual Report on Protection of Consumers and Access to Insurance (the “Report“). The Report reviews developments and concerns relating to five insurance issues: technology; environmental hazards; fairness in insurance practices; fairness in state insurance standards; and retirement and related issues. The Report identifies options available to consumers, industry, and state and federal policymakers to address certain noteworthy gaps in protection for insurance consumers.
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The FIO called on state insurance regulators to specifically enforce state and federal legal requirements that are applicable to use of big data by insurers. The Report further highlights significant legislative and regulatory gaps in the U.S.
Cyber Risk
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