Quick Answer: What Is Naic Model Law Cybersecurity?

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What is NAIC model law?

The NAIC Model Laws, Regulations, and Guidelines (available in the library) contains documents promulgated by the National Association of Insurance Commissioners as proposed statements of insurance laws that should be adopted by the 50 states.

What is the purpose behind the NAIC model laws?

The purpose of the NAIC Model Law is to establish standards for data security and breach notification for licensees. Licensees (individuals and nongovernmental entities, like insurance agents/agencies) are required to be authorized in accordance with their state’s laws.

What is insurance data security model law?

The NAIC Insurance Data Security model … requires insurers and other entities licensed by a state department of insurance to develop, implement, and maintain an information security program based on its risk assessment, with a designated employee in charge of the information security program.

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What is the NAIC and what is its purpose?

While the NAIC is made up of each state’s insurance commissioners, it remains a non-governmental organization. Its main purpose is to protect and benefit insurance consumers by promoting uniformity of insurance laws and state regulations.

Who does the NAIC regulate?

The National Association of Insurance Commissioners ( NAIC ) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.

Who does NAIC Model Regulation apply to?

This regulation applies only to individual annuity contracts. This regulation currently addresses only the indexing of interest credits. II-250 Variable Annuity Model Regulation This model regulation specifies the qualifications required of insurers to offer, and agents to sell, variable annuities.

What does NAIC stand for?

The National Association of Insurance Commissioners ( NAIC ) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.

What does the NAIC consist of?

The NAIC is a nonprofit, nonpartisan entity consisting of the head insurance regulators of each of the 50 states, the District of Columbia and all five of the U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the Virgin Islands.

How long do states have to adopt NAIC model laws?

The goal is to encourage legislatures or regulatory bodies to adopt the model law, with as few changes as possible, in a majority of states within three years after its adoption by the NAIC members.

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How many states have adopted NAIC insurance data security model?

The National Association of Insurance Commissioner ( NAIC )’s model data security law (“ Model Law ”) was recently adopted by Maine and North Dakota. This addition brings the total number to states that have joined the NAIC Model Law to 13.

What did the NAIC cybersecurity task force create?

The National Association of Insurance Commissioners ( NAIC ) has created a cybersecurity task force to monitor cyber risks, their effects on the industry and if regulations are needed on the issue.

What did the McCarran Ferguson Act allow the federal government to do?

The McCarran – Ferguson Act of 1945 (15 U.S.C.A. § 1011 et seq.) gives states the authority to regulate the “business of insurance” without interference from federal regulation, unless federal law specifically provides otherwise.

What is an NAIC number and where can I find it?

The NAIC code is found on your insurance card. Most of the time the NAIC is printed on your ID card, however it is not labeled. It is a 5 digit number. Please call the office and any representative would be happy to provide you with the NAIC needed for your vehicle registration.

What does churning mean in insurance?

Churning is another sales practice in which an existing in-force life insurance policy is replaced for the purpose of earning additional first-year commissions. Also known as “twisting,” this practice is illegal in most states and is also against most insurance company policies.

What is NAIC reporting?

The NAIC Financial Regulatory Services Department prepares “Insurance Industry Snapshots” and “Insurance Industry Analysis Reports ” to assist consumers in better understanding developing trends in the insurance industry. The reports cover the P&C, Title, Life, Fraternal and Health Insurance Industry.

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