Senior Communications Manager
Laura Foggan Discusses NAIC Cybersecurity Guidance for Insurance Industry
Laura A. Foggan, chair of Wiley Rein’s Insurance Appellate Group, was quoted by Business Insurance in an April 27 article about the National Association of Insurance Commissioners’ (NAIC) cybersecurity regulatory guidance for the insurance industry. The guidance, which will provide a foundation for protecting sensitive consumer information held by insurers, is receiving generally positive reviews, according to the article.
“Everyone is behind the idea that it makes sense to have regulatory guidance, but the guidance needs to have some flexibility,” Ms. Foggan said. Such guidance also needs to be practical, and there’s “some sense the NAIC recognized that.”
“It’s significant that the NAIC has given a lot of attention to cybersecurity issues,” she added. She noted that to some extent the NAIC regulatory guidance “appear[s] to have gone beyond principles in the specificity and prescription. There’s kind of a directive tone of some of the principles.”
Ms. Foggan said the guidance is unlikely to be the insurance commissioners’ last word on the subject. “It’s a road map,” she said. “We’ve seen a lot of state insurance regulators follow NAIC guidance and model legislation in other contexts. I think this will be a starting place for discussion at the state level.”