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Description

Kentucky Insurance Data Security Act implemented (HB 474)

On 1 January 2023, the Insurance Data Security Act (HB 474) enters into force. The Act introduces a data security framework for insurance carriers that requires them to conduct self-evaluations of their risk profile and how to mitigate it. Based on these reports, the insurance carriers need to develop their own in-house security strategy around their data collection and storage, including the training of employees and the creation of a specific response plan for possible cyber-incidents. Finally, the insurance carriers are obligated to create a reporting system to their board of directors around their vulnerabilities, their level of compliance with the data security law, and what decisions were taken around data risk mitigation.

Original source

Scope

Policy Area
Data governance
Policy Instrument
Cybersecurity regulation
Regulated Economic Activity
other service provider
Implementation Level
subnational
Government Branch
legislature
Government Body
parliament

Complete timeline of this policy change

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2022-02-10
under deliberation

On 10 February 2022, the Insurance Data Security Act (HB 474) was introduced in the House. The Bill…

2022-03-30
adopted

On 30 March 2022, the Insurance Data Security Act (HB 474) was adopted by the Kentucky Parliament. …

2022-04-08
adopted

On 8 April 2022, the Insurance Data Security Act (HB 474) was signed by the Kentucky Governor. The …

2023-01-01
in force

On 1 January 2023, the Insurance Data Security Act (HB 474) enters into force. The Act introduces a…