Following record-shattering data breaches, there has been a major push for increased transparency and regulation in the insurance industry regarding consumer data privacy. With an increase in consumer data collection, the threat of ransomware attacks can expose companies to potential litigation or regulatory action if not handled properly.
Read on to learn about the National Association of Insurance Commissioners’ Insurance Consumer Privacy Protection Model Law #674, which illustrates the NAIC’s continuing re-evaluation of its historical approach to privacy compliance requirements. How will Model Law #674, as adopted by states, affect insurers’ compliance obligations vis-à-vis the patchwork of state data compliance laws and regulations recently adopted or under consideration?