The NAIC is planning to implement a “comprehensive, mandatory filing for property casualty insurers that would give it a full range of information and data on the cybersecurity insurance market.”
If the measure is adopted, the data would be collected in the form of a supplemental filing to the statutory P&C Annual Statement during an annual April 1 filing date. According to the NAIC, all insurers “writing any form of cybersecurity insurance policy or coverage in a package policy,” would be required to submit the information.
According to NAIC Cybersecurity Task Force Chair and North Dakota Insurance Commissioner Adam Hamm, the NAIC hopes to learn more about the “size of the cyber insurance market, who the main insurers are in the market, how much in premium volume is being collected, and the amount of claims coverage and claim types being filed,” through the data supplied by insurers. Additionally, they hope the information supplied will shine a light on market trends.
State regulators continue to work with the federal government on cybersecurity issues and plan to meet with the Treasury Department later this month to compare notes on cybersecurity regarding the insurance sector as well as information sharing. The Federal Insurance Office (FIO) is supposedly exploring “a database of sorts for cyber insurance claims information in an effort to make insurance coverage more robust in the marketplace.”