Our Global Insurance Industry Year in Review is now in its 10th year. In this report, we discuss developments and trends in insurance industry transactions over the past year, with a particular focus on mergers and acquisitions, corporate finance, insurtech, the insurance-linked securities and convergence markets, as well as tax, regulatory and litigation developments.
National Association of Insurance Commissioners (NAIC)
US Federal Trade Commission Proposes Prescriptive Data Security Requirements and Other Updates to Its Gramm-Leach-Bliley Act Regulations
On March 5, 2019, the Federal Trade Commission (“FTC”) proposed a number of revisions to its Gramm-Leach-Bliley Act (“GLBA”) regulations, which would (i) change the Safeguards Rule to require financial institutions to implement specific information security controls (in a departure from the FTC’s current non-prescriptive approach to data security), (ii) update its GLBA Privacy Rule…
2019 Outlook: Cybersecurity and Data Privacy
By Rajesh De, Matthew Bisanz, Samantha Machock, Marcus A. Christian, Veronica R. Glick, Sasha Keck, Gabriela Kennedy, Mickey Leibner, Stephen Lilley, Ian McDonald, Cristiane Manzueto, John Nadolenco, Mark A. Prinsley, Linda L. Rhodes, Joel Silverstein, David A. Simon, Jeffrey P. Taft, Evan M. Wooten & Oliver Yaros on
Posted in Cybersecurity, Privacy / Data Protection
Cybersecurity and data privacy presented some of the most complex legal questions and business risks that multinational companies faced in 2018. Businesses should expect continued growth in cyber and data privacy challenges in 2019.
Cyber attacks became even more sophisticated and severe in 2018, with incidents ranging from exfiltration and extortion schemes, to attacks on…
NAIC Adopts Insurance Data Security Model Law
By Lawrence R. Hamilton & Jeffrey P. Taft on
On October 24, 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. The NAIC Model Law builds on existing data privacy and consumer breach notification requirements by requiring insurance licensees to comply with detailed requirements regarding their information security program and responding to and giving notification of cybersecurity events.…
NAIC Task Force Issues Revised Draft of Insurance Data Security Model Law
Posted in Privacy / Data Protection, United States
On August 17, 2016, the Cybersecurity Task Force (Task Force) of the National Association of Insurance Commissioners (NAIC) released for comment a revised draft of an Insurance Data Security Model Law (Model Law). This revised draft Model Law addresses comments received from regulators, industry participants and the public on the initial draft proposed by the…
National Association of Insurance Commissioners Issues Cybersecurity Roadmap
The National Association of Insurance Commissioners’ (NAIC) Executive Committee and Plenary has approved the NAIC Roadmap for Cybersecurity Consumer Protections (the “Roadmap”), formerly the Cybersecurity Bill of Rights. The Roadmap “describes the protections the NAIC believes consumers are entitled to from insurance companies, agents and other businesses when they collect, maintain and use” personal information.