AIA to Emphasize a Uniform, Flexible, and Collaborative Insurance Approach for Cybersecurity at NAIC Meeting

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The American Insurance Association (AIA) will emphasize the need for collaboration, flexibility, and national coordination when addressing the issue of cybersecurity at the National Association of Insurance Commissioners’ (NAIC) 2015 Spring Meeting. The NAIC will be meeting in Phoenix, Arizona from March 28-31.

The American Insurance Association (AIA) will emphasize the need for collaboration, flexibility, and national coordination when addressing the issue of cybersecurity at the National Association of Insurance Commissioners’ (NAIC) 2015 Spring Meeting. The NAIC will be meeting in Phoenix, Arizona from March 28-31.

The Cybersecurity (EX) Task Force will review a draft document entitled Principles for Effectiveness in Cybersecurity Insurance Regulatory Guidance at its meeting on March 29. The draft seeks to identify guiding principles for state insurance departments in addressing cybersecurity issues. AIA provided comments to the NAIC on the draft which includes 18 guiding principles for regulatory oversight.

“We applaud the NAIC for creating a draft regulatory guidance document that promotes a flexible, scalable, nationally consistent, and collaborative approach to the issue of cybersecurity,” said Angela Gleason, AIA associate counsel. “The importance of collaboration cannot be overstated and this draft recognizes that and as such we look forward to discussing this document at the Spring Meeting.”

On March 30, the NAIC Industry Liaison Committee will meet and hear a panel discussion on Cyber Insurance Coverage Issues. “There’s no doubt that cybersecurity continues to be a major priority for insurers, regulators and policyholders,” said Gleason. “This will be an excellent opportunity for the industry to inform regulators about cyber insurance products and the challenges for insuring this risk.”

The NAIC Industry Liaison Committee will also hear a discussion on Non-Capital International Regulatory Issues. Adam Kerns, AIA assistant general counsel, will be speaking about corporate governance standards and practices. “AIA supports international efforts to develop corporate governance guidance that can assist insurers with development of their practices,” said Kerns. “We hope that these standards and practices will serve as an important resource for insurers.”

The Sharing Economy (C) Working Group will meet on March 28 and consider adoption of its draft white paper Transportation Network Company (TNC) Insurance Principles. The white paper provides a substantive backgrounder on the issues, positions and possible solutions related to TNC auto insurance issues. Prior to its consideration, AIA worked with industry partners to provide feedback to the Working Group on its draft.

“We’re grateful that the NAIC asked for industry input in drafting this white paper,” said Jim Whittle, AIA assistant general counsel and chief claims counsel. “This paper provides a thoughtful examination of the many auto insurance issues associated with TNCs.”

The Market Conduct Accreditation (D) Working Group will meet on March 29, when it will discuss a market regulation accreditation proposal draft. AIA worked on a joint industry proposal, which was submitted to the NAIC in February, along with proposals submitted by other interested parties and regulators. The D Working Group’s proposal, as discussed on the Working Group’s last conference call, should reflect elements of the various comments received.

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