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FOR IMMEDIATE RELEASE

NAIC SHINES SPOTLIGHT ON CYBERSECURITY

WASHINGTON, D.C. (Jan. 29, 2015) - Officers and the leadership of the National Association of Insurance Commissioners (NAIC) have identified cybersecurity in the insurance sector as a key initiative for the year. A new Cybersecurity (EX) Task Force has been created to monitor emerging cyber risks, their impact on the industry and whether regulatory action will be required.

"We're hoping to propose additional guidance to insurance examiners to assure the nation's insurers are using the best risk management practices available to manage their risk of cyber loss," said NAIC President and Montana Commissioner of Securities and Insurance Monica Lindeen. "In addition, we'll also consider collecting detailed information from insurers writing cyber security coverage for other businesses to learn more about how the nascent market is evolving."

North Dakota Insurance Commissioner and immediate NAIC Past President Adam Hamm will serve as chair of the Cybersecurity Task Force while South Carolina Department of Insurance Director Raymond G. Farmer will serve as vice chair.

The task force will coordinate NAIC efforts regarding: the protection of information housed in insurance departments and the NAIC; the protection of consumer information collected by insurers; and monitoring cyber-liability market. The group will report and make recommendations to the Executive Committee.

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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