Cyber Bills Move in States
More states are following the lead of South Carolina, Ohio, and Michigan in enacting cybersecurity legislation for the insurance industry. Mississippi's governor approved a measure on April 3, and Connecticut, New Hampshire, and two other states have bills moving in their legislatures. The states are largely using a 2017 model law by the National Association of Insurance Commissioners (NAIC), which draws from the New York Department of Financial Services’ (NYDFS) cybersecurity regulation for the financial services industry.
Protecting consumers from data breaches is a priority for PIA National and our members. Insurance is regulated at the state level for good reason: no one knows policyholders and their needs better than the agents who serve them, and state legislators and regulators will always have a thorough understanding of local insurance issues. We are eager to continue to work with state legislatures across the country to produce cybersecurity laws that are practical and useful for agents, consumers, and regulators.