Advocacy in action blog

NAIFA and other trade associations have sent a letter to influential members of the House Energy and Commerce Committee expressing concerns with the discussion draft of the American Data Privacy and Protection Act, which is a national uniform privacy law proposal.

NAIFA supports federal laws and regulations protecting the confidentiality of personal information and believes policy at the federal level will help avoid problems a variety of confusing and potentially contradictory state laws would cause. NAIFA members provide financial products, services, and advice to Main Street American families and businesses. Their clients entrust them with sensitive personal information, so it is among the highest priorities for our industry that we keep that information secure.

New data security standards for the insurance industry passed the Wisconsin State Senate on June 9, 2021, on a voice vote. 

The Securities and Exchange Commission has issued a Risk Alert warning about an increase in cybercrimes targeting financial professionals and institutions. The document, issued by the SEC’s Office of Compliance Inspections and Examinations (OCIE), says scammers have targeted “broker-dealers, investment advisers, and investment companies” and others in the financial services industry with phishing and ransomware attacks.

In 2017, the National Association of Insurance Commissioners adopted a Data Security Model Law and states have been quick to respond. So far, South Carolina has been the only state to adopt the actual model with no modifications –which isn’t too surprising considering South Carolina’s Insurance Director, Ray Farmer, led the Cybersecurity Working Group at the NAIC.