NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.
1 min read
NAIFA Opposes IRS Reporting Proposal That Raises Cost and Privacy Concerns
Topics: Federal Advocacy IRS Privacy Data Security
1 min read
Cybersecurity Bill Passes Wisconsin Senate With NAIFA Amendment
New data security standards for the insurance industry passed the Wisconsin State Senate on June 9, 2021, on a voice vote.
Topics: State Advocacy Wisconsin Privacy Data Security
1 min read
NAIFA-WI Objects to Proposed Layers of Data Privacy Regulations
NAIFA-WI joined other trade associations representing the insurance and financial services industry to push back on a potential regulatory proposal that would complicate existing data privacy and security laws.
Topics: State Advocacy Wisconsin Grassroots Privacy Data Security
1 min read
The SEC’s CAT Database Brings Data Security Concerns
The Securities and Exchange Commission (SEC) in June began requiring broker-dealers to submit detailed information on securities trades to the SEC’s Consolidated Audit Trail (CAT) database. A similar requirement for options trades went into effect in July. The purpose of the CAT is to allow SEC regulators to identify and analyze irregularities and threats to the securities markets.
Topics: SEC Federal Advocacy Privacy Data Security
1 min read
SEC Warns of Increase in Cybercrimes Targeting Financial Professionals
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.
Topics: SEC Federal Advocacy Privacy Data Security
1 min read
NAIFA-WI Pushes Back on Potential Layering of Data Privacy Regulations
NAIFA-WI teamed up with other trade associations representing the insurance and financial services industry to push back on a potential regulatory proposal that would complicate existing data privacy and security laws.
Topics: State Advocacy Wisconsin Grassroots Privacy Data Security
1 min read
NAIFA Chapters Lobby for Suggested Revisions to NAIC Cybersecurity Model Law
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.
