NAIC Forms New Committee on Innovation, Cyber, Emerging Tech

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

The committee is the first new letter committee created since 2004, according to a statement from the NAIC, which said that the H Committee will aim to:

• Provide a forum for state insurance regulators to learn about and discuss cybersecurity, innovation, data security and privacy protections, and emerging technology issues.
• Focus on developments in these areas that affect the state insurance regulatory framework.
• Understand evolving practices and use of innovation technologies by insurers and producers.
• Coordinate NAIC efforts regarding innovation, cybersecurity and privacy, and technology across other committees.
• Make recommendations and develop regulatory, statutory or guidance updates.

David Altmaier, NAIC President and Florida Insurance Commissioner, said, “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.”

He noted the “critical responsibility” of NAIC members “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,” he said.

Source: National Association of Insurance Commissioners