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NAIC Members Vote to Form New Letter Committee
Members of the National Association of Insurance Commissioners (NAIC) voted on December 16, 2021, to form a new Innovation, Cybersecurity, and Technology (H) Committee to address the insurance implications of emerging technologies and cybersecurity. As the first new letter committee created since 2004, the H Committee will be focus on:
- providing a forum for state insurance regulators to learn about and discuss cybersecurity, innovation, data security and privacy protections, and emerging technology issues;
- developments in these areas that affect the state insurance regulatory framework;
- understanding evolving practices and use of innovation technologies by insurers and producers;
- coordinating NAIC efforts regarding innovation, cybersecurity and privacy, and technology across other committees; and
- making recommendations and developing regulatory, statutory or guidance updates.
"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," explained David Altmaier, NAIC President and Florida Insurance Commissioner. "It's a critical responsibility for our membership 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."
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is 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 reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.