NAIC Members Vote to Form New Letter Committee

News provided by

National Association of Insurance Commissioners

Dec 16, 2021, 14:12 ET

SAN DIEGO, Dec. 16, 2021 /PRNewswire/ -- Members of the National Association of Insurance Commissioners (NAIC) voted on December 16, 2021, to form a new Innovation, Cybersecurity, and Technology (H) Committee to address the insurance implications of emerging technologies and cybersecurity.

As the first new letter committee created since 2004, the H Committee will be focus on:

providing a forum for state insurance regulators to learn about and discuss cybersecurity, innovation, data security and privacy protections, and emerging technology issues;
developments in these areas that affect the state insurance regulatory framework;
understanding evolving practices and use of innovation technologies by insurers and producers;
coordinating NAIC efforts regarding innovation, cybersecurity and privacy, and technology across other committees; and
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," explained David Altmaier, NAIC President and Florida Insurance Commissioner. "It's a critical responsibility for our membership to ensure that consumer data is protected, and it is properly applied. This new committee is a continuation of our consumer protection efforts, including its focus on data privacy and cybersecurity considerations."

SOURCE National Association of Insurance Commissioners