South Carolina Becomes First State to Adopt NAIC Insurance Data Security Model Law
On May 3, 2018, South Carolina’s governor, Henry McMaster, signed the South Carolina Insurance Data Security Act. This makes South Carolina the first state to adopt the NAIC Insurance Data Security Model Law.
The law will go into effect on January 1, 2019. Licensees will have until July 1, 2019 to implement an information security program and until July 1, 2020 to comply with third-party service provider due diligence requirements.
For further details on the legislation, please visit the South Carolina Legislature’s website.
Johnson Lambert will have additional resources on the impact of the law on insurance companies available in the coming weeks. Please stay tuned for more information.
If you have questions about how this will impact your organization, or how Johnson Lambert can assist you in preparing to comply with the law, please contact us.