For over 100 years, the National Association of Insurance Commissioners (NAIC) has been developing model legislation to encourage uniformity among states for the regulation of insurance products. The NAIC model laws and guidelines are proposed statements of insurance regulation for all 50 states as well as the other jurisdictions (such as D.C. and Guam). Once passed, states can choose to adhere to the NAIC’s model laws fully, with modifications, or not at all. If a state chooses to adopt the model law, its adoption will apply to all insurance carriers, managing general agents, agencies, and producers operating in that state. Continue Reading Navigating Cybersecurity and Data Privacy Regulations in the Insurance Industry
Merck Cyberattack Settlement Renews Spotlight on War Exclusions in 2024
Last week, Merck & Co. filed documents with the Supreme Court of New Jersey indicating that it reached a settlement with its “all risk” property insurers in a long-running coverage dispute involving over $1.4 billion in losses stemming from a 2017 NotPetya cyberattack that impacted tens of thousands of Merck computers. Read on for analysis
Do Your Insurance Policies Cover Cyberattacks From State-Sponsored Entities?
Cyberattacks on corporate networks are on the rise, and the ramifications from such attacks can be financially devastating. Recent benchmarking data shows that the number of material cyber breaches at large businesses increased by 20.5% from 2020 to 2021, with cybersecurity budgets across industries aimed at preventing breaches jumping 51%. And while businesses suffering cyberattacks