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Regulatory Update: NAIC Summer 2021 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2021 National Meeting (Summer Meeting) August 14-17, 2021. Highlights include, among others, adoption of revised risk-based capital bond factors for life insurers, amendments to SSAP No. The changes are effective December 31, 2021.

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New Connecticut Breach Notification Requirements and Cybersecurity Safe Harbor Effective October 2021

Hunton Privacy

Connecticut recently passed two cybersecurity laws that will become effective on October 1, 2021. On June 16, 2021, Connecticut Governor Ned Lamont signed HB 5310, An Act Concerning Data Privacy Breaches. On July 6, 2021, Governor Ned Lamont signed HB 6607, An Act Incentivizing the Adoption of Cybersecurity Standards for Businesses.

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Regulatory Update: NAIC Summer 2022 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2022 National Meeting (Summer Meeting) August 9–13, 2022. The Privacy Working Group has been reviewing state insurance privacy protections regarding the collection, ownership, use, and disclosure of information gathered in connection with insurance transactions.

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Connecticut Tightens its Data Breach Notification Laws

Data Protection Report

Effective October 1, 2021, an amendment [1] to the Connecticut General Statute concerning data privacy breaches, Section 36a-701b, will impact notification obligations in several significant ways. Expanded Definition of “Personal Information”.

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5 Good Reasons to Hire a Ransomware Recovery Expert

eSecurity Planet

Cyber Insurance companies used to simply provide lists of potential vendors approved by the insurer, but with the rising costs of breaches, insurers need to control costs. ISACA’s State of Cybersecurity 2021 report noted that 55% of respondents cannot fill all of their open cybersecurity positions.

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Federal Regulators Issue New Cyber Incident Reporting Rule for Banks

Hunton Privacy

On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a new rule regarding cyber incident reporting obligations for U.S. banks and service providers.

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California Governor Signs into Law Bills Updating the CPRA and Bills Addressing the Privacy and Security of Genetic and Medical Data, Among Others

Hunton Privacy

During the week of October 4, 2021, California Governor Gavin Newsom signed into law bills amending the California Privacy Rights Act of 2020 (“CPRA”), California’s data breach notification law and California’s data security law. The bill uses the same definition of “genetic data” as provided for in AB-825.

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