The National Association of Insurance Commissioners (NAIC) has created a cybersecurity task force to monitor cyber risks, their effects on the industry and if regulations are needed on the issue.

NAIC president and Montana commissioner of securities and insurance, Monica Lindeen stated, “We’re hoping to propose additional guidance to insurance examiners to assure the nation’s insurers are using the best risk management practices available to manage their risk of cyber loss.” Additionally, the task force will look to gather information from insurers writing cyber coverage to better understand how the young market is evolving. North Dakota insurance commissioner Adam Hamm will chair the task force and South Carolina Department of Insurance director Raymond Farmer will be the vice chair. Captive Insurance Times has the full story. 

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