United States:
Almost There! South Carolina On Course To Become First State To Adopt NAIC Insurance Data Security Model Law
04 May 2018
Carlton Fields
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On May 1, South Carolina's legislature ratified the
South Carolina Insurance Data Security Act, its version of
the NAIC's Insurance Data Security Model Law. Next
stop: the Governor's office.
If signed by Governor Henry McMaster, South Carolina will become
the first state to adopt the NAIC Model Law.
South Carolina's law is substantially similar to the NAIC
Model, and would take effect January 1, 2019. Licensees would
have until July 1, 2019 to, among other things, implement an
information security program and establish an incident response
plan. By July 1, 2020, licensees would be expected to have a
third-party service provider management system in place.
The South Carolina Insurance Data Security Act (H.B. 4655) is
available at: http://www.scstatehouse.gov/sess122_2017-2018/bills/4655.htm.
The NAIC Insurance Data Security Model Law is available
at: http://www.naic.org/store/free/MDL-668.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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