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NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing. Actual Actuarial Validity.

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Vermont Enacts Insurance Data Security Law

Hunton Privacy

515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”). On May 27, 2022, Vermont Governor Phil Scott signed H.515

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What is Confidential Computing? Definition, Benefits, & Uses

eSecurity Planet

This approach to analytics is especially helpful in industries like insurance and healthcare where analyzing and interpreting broad patterns can inform insurance rates and diagnostics, respectively. Definition, Benefits, & Uses appeared first on eSecurityPlanet.

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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. NAIC Adopts Revised Risk-Based Capital Bond Factors for Life Insurers.

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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. For this scenario, the definition of team may be quite broad.

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Security Compliance & Data Privacy Regulations

eSecurity Planet

are subject to laws such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health Act (the HITECH Act), as well as regulations such as the Clinical Laboratory Improvements Amendments (CLIA). See the Best Cybersecurity Awareness Training for Employees.

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What Is Encryption? Definition, How it Works, & Examples

eSecurity Planet

For example, The Health Insurance Portability and Accountability Act (HIPAA) requires security features such as encryption to protect patients’ health information. The distribution of encryption tools to employees must be accompanied by training and warnings regarding lost keys. You can unsubscribe at any time.