South Carolina became the first state to adopt the NAIC Insurance Data Security Model Law on May 3, 2018. The law, South Carolina Insurance Data Security Act, will go into effect on Jan. 1, 2019 with compliance requirements fully enacted by July 1, 2020.
All insurance organizations licensed in the state of South Carolina will be subject to the new regulation.
Several other states, including District of Columbia, Louisiana, Rhode Island and Vermont, are already in the process of adopting the NAIC model law. For more information on the NAIC Insurance Data Security Law, see our related article or on-demand webinar . View the full South Carolina legislation online .
The regulations largely mirror New York State’s cybersecurity regulations ( see more information on NYS DFS cybersecurity law ), however there are some differences. Our insurance practice’s cybersecurity specialists have created a checklist for the NYS DFS cybersecurity law and will have additional tools available as states adopt their own versions of the NAIC model law.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.