NAIC Model Law passes

Earlier this year, I reported on a piece of regulation being advanced by the National Association of Insurance Commissioners (NAIC).  On October 24th, this regulation – “Insurance Data Security Model Law” – was ratified by the NAIC.  So, what does this mean and how, if at all, will it impact the insurance sector? To begin, we need to look at the scope of this regulation as it applies to a “licensee.” According to this model law, “licensee” means:

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