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Statements on NAIC Blanks (E) Committee Working Group’s Adoption of Cybersecurity and Identity Theft Coverage Supplement

Statement from Monica J. Lindeen, NAIC President and Montana Commissioner of Securities and Insurance.

"Cyberinsurance is an emerging sector, and regulators are positioned to help shape the market in a way that protects consumers and benefits companies. This supplement is an important tool that will enable regulators to effectively monitor solvency for companies writing this relatively new line of business."
 

Statement from Adam Hamm, North Dakota Insurance Commissioner and chair of the NAIC’s Cybersecurity (EX) Task Force

"The supplement will provide critical financial performance information about insurers writing cybersecurity coverage for American businesses. The potential scope of possible data breaches and business opportunities means that regulators and companies must work together to ensure that state insurance departments have the information they need to monitor this new market."

About the NAIC

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. For more information, visit www.naic.org.

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