From: New York Law Journal
The Department of Financial Services Superintendent Maria Vullo discusses the National Association of Insurance Commissioners’ decision to adopt New York’s cybersecurity regulations as its model law for adoption by its members, which include all 50 states’ insurance commissioners.
In March, New York’s Department of Financial Services established a cybersecurity regulation for banks and insurance companies that was expected to have national and global impact. Months later, the National Association of Insurance Commissioners adopted a data security model law similar to New York’s.
In late October, the NAIC, the standard-setting organization governed by chief insurance regulators from all 50 states, D.C. and five U.S. territories, adopted the Insurance Data Security Model Law, which includes provisions for investigating data security breaches.
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