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FOR IMMEDIATE RELEASE

INSURANCE REGULATORS ESTABLISH CYBERSECURITY TASK FORCE
NAIC forms committee to address emerging issues related to cyber threats

WASHINGTON, D.C. (Nov. 19, 2014) -Today the National Association of Insurance Commissioners (NAIC) formed a special task force to help coordinate insurance issues related to cybersecurity. The task force will make recommendations and coordinate NAIC efforts regarding: the protection of information housed in insurance departments and the NAIC; the protection of consumer information collected by insurers; and collecting information on cyber-liability policies being issued in the marketplace. The group will report and make recommendations to the Executive Committee.

"The threat of a cyber-attack is very real, and state regulators are committed to developing the tools we need to ensure effective regulation in this area," said Adam Hamm, NAIC President and North Dakota Insurance Commissioner. "The American public relies on insurance for financial peace of mind, and our leadership in this area is critical to maintaining that trust."

The creation of the task force is a reflection of the NAIC's growing commitment to addressing cyber security in the insurance sector. State regulators serve on the Treasury Department's Financial Banking and Information Infrastructure Committee and on the Executive Branch and Independent Agency Regulatory Cybersecurity Forum, where they work with Federal regulators to address cyber threats in the U.S. Earlier this year, the NAIC hosted a forum on regulatory challenges as they relate to cybersecurity.
   

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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