Model Law Gains. Data Security Insurance.

What is happening? Slow and steady wins the race. The model insurance data security legislation by the National Association of Insurance Commissioner has gained 2 more states. Kentucky & Maryland.

Why is this important? Kentucky HB 474 (2022 |KY) & Maryland SB 207 (2022 | MD) both put requirements on carriers to do things like risk assessments, reporting and compliance.

How will this be important? Both gave carriers a 1 year grace period for a written information security program compliance and a 2 year grace compliance period for  service provider oversight requirements.

National Law Review | Two States Enact Insurance Data Security Laws