New NAIC Standing Committee To Focus on Cyber Security and Technology
January 06, 2022
The National Association of Insurance Commissioners (NAIC) has formed its first new standing "letter" committee since 2004 to focus on cyber security and issues around technology and innovation.
NAIC members voted to form the new innovation, cyber security, and technology (H) committee during the organization's December meeting. The new committee will address the insurance implications of emerging technologies and cyber security.
In a statement, the NAIC said the new H committee will focus on several areas.
- Providing a forum for state insurance regulators to learn about and discuss cyber security, innovation, data security and privacy protections, and emerging technology issues
- Developments in those areas that affect the state insurance regulatory framework
- Understanding evolving practices and use of innovative technologies by insurers and producers
- Coordinating NAIC efforts regarding innovation, cyber security and privacy, and technology across other committees
- Making recommendations and developing regulatory, statutory, or guidance updates
"The work of the H Committee will continue to elevate regulators' focus on innovation and technology and ensure we stay on top of and advance the way the insurance regulatory framework functions to support innovation as an industry," David Altmaier, NAIC president and Florida insurance commissioner, said in the statement.
"It's a critical responsibility for our membership to ensure that consumer data is protected, and it is properly applied," Mr. Altmaier said. "This new committee is a continuation of our consumer protection efforts, including its focus on data privacy and cybersecurity considerations."
The NAIC's other letter committees include life insurance and annuities (A), health insurance and managed care (B), property and casualty insurance (C), market regulation and consumer affairs (D), financial condition (E), financial regulation standards and accreditation (F), and international insurance regulations (G).
January 06, 2022