Virginia Insurance Data Security Act

Virginia has a new law the Insurance Data Security Act New Law going into effect on July 1 2020 which will expand the data security and incident notification requirements on insurers licensed in the Commonwealth.

Virginia insurance data security act. The New Law is similar to the National Association of Insurance Commissioners Insurance Data Security Model Law with some important modifications. In the shadow of the EU General Data Protection Regulation which went into effect in 2018 and the resurgence of global privacy laws Virginia has proposed a new privacy statute HB 2793 that imposes a duty of care on businesses on the disposal of personal information. The Virginia Insurance Data Security Act What You Need to Know. Currently eyes are on Indiana HB 1372 Maine LD 1995 Oklahoma SB 1919 Virginia HB 1334 and Wisconsin AB 819 where legislation to adopt the Model is pending.

What is An Information Security Program 382-623 of the Code. Establishes standards for insurance data security and for the investigation of a cybersecurity event and the notification to the Commissioner of Insurance and affected consumers of a cybersecurity event. The Act became effective on January 1 2019. The nature and scope of the licensees activities including its use of thirdparty service -.

On March 11 th 2020 Virginia Governor Northam signed the Insurance Data Security Act the Act HB 1334 imposing requirements on all entities regulated by the Virginia Bureau of Insurance BOI or the Bureau to. The Act is codified in Title 38 Chapter 99 of the South Carolina Code of Laws. An entity that is subject to Title V of the Gramm-Leach-Bliley Act 15 USC. This infographic summarizes Virginias adaptation of the NAIC Insurance Data Security Model Law.

Now as required under the Act Virginias Bureau of Insurance has proposed regulations the Proposed Regs implementing the Act. Now as required under the Act Virginias Bureau of Insurance has proposed regulations the Proposed. We recently provided an overview of Virginias new Insurance Data Security Act the Act. 6801 et seq and maintains procedures for notification of a breach of the security of the system in accordance with the provision of that Act and any rules regulations or guidelines promulgated thereto shall be deemed to be in compliance with this section.

The purpose and intent of this Act is to establish standards for data security and standards for the investigation of and notification to the Commissioner of a Cybersecurity Event applicable to Licensees as defined in Section 3. One of the primary effects of the Proposed Regs is to distinguish between smaller licensees and the rest of the pack for purposes of specifying requirements and timing around risk assessments and information security program security measures. Effective July 1 2020 Virginias Insurance Data Security Act requires all regulated insurance companies licensed in Virginia to follow data security and notification requirements. The bill requires insurers to develop implement and maintain a comprehensive written information security program based on an assessment of its risk and that contains administrative technical and physical safeguards for the protection of nonpublic information and its information system.

The Virginia Insurance Data Security Act was enacted by the 2020 Virginia General AssemblyThis legislation is modeled on the NAIC Insurance Data Security Model Law. We recently provided an overview of Virginias new Insurance Data Security Act the Act. In other words Congress could act to pass legislation setting uniform requirements for insurance data security. Notify the Commissioner of Insurance of cybersecurity events and.

Georgia has not released draft insurance data security legislation but reportedly is discussing draft language. Establishes the insurance data security law provides the purpose and intent of the act defines certain terms used in the act requires insurance licensees in this state to develop implement and maintain an information security program requires certain investigation of a cyber security event requires certain notification of a cyber security event provides for certain confidentiality provides exceptions to the act provides for penalties for violations of the act. Virginia has a new law the Insurance Data Security Act New Law going into effect on July 1 2020 which will expand the data security and incident notification requirements on insurers licensed in the Commonwealth. HB 2793 applies to both paper and electronic records.

Commensurate with the size and complexity of the licensee. Virginia amended the states data breach notification law effective July 1 2017 to expand notification requirements for employers and payroll service providers to data breaches that involve unauthorized access and acquisition of unencrypted and unredacted computerized data containing a Virginia taxpayers identification number in combination with the income tax withheld for that taxpayer. December 19 2018 There has been an increased level of activity surrounding states taking action to adopt the NAIC Insurance Data Security Model Law or a version of the law. On March 11 th 2020 Virginia Governor Northam signed the Insurance Data Security Act the Act HB 1334 imposing requirements on all entities regulated by the Virginia Bureau of Insurance.

Users must comply with all University policies and standards for the data to which they have been granted the ability to view copy generate transmit store download or otherwise acquire access remove or destroy. South Carolina was the first state in the nation to pass this important and timely legislation which was modeled after the NAIC Insurance Data Security Model Law.