A few months into the Legislative Session and things at the Capitol are in full swing. There are now more than 20 bills that have been signed into law by the Governor, including two PIA priorities – and hopefully, more are on the way!
Last week was an important step for PIA-backed Senate Bill 160/Assembly Bill 147, which imposes certain requirements related to insurance data cybersecurity and exempts small businesses. This legislation that has been reintroduced from the last session is based on the NAIC model law that has been passed in fourteen states and there will be more to follow. The Wisconsin version:
- Establishes the Office of the Commissioner of Insurance as the regulating entity for cybersecurity, maintaining state control
- Sets cybersecurity standards, reporting requirements, and best practices
- Includes exceptions for small businesses, saving significant expense
On April 1st, the Senate Committee on Insurance, Licensing, and Forestry, chaired by former PIA President Senator Mary Felzkowski, held a hearing on this important legislation. PIA President Julie Ulset testified in front of the committee in support of the legislation and conveyed the importance of data security for independent insurance agents, their clients, and the insurance industry as a whole.
PIA will continue advocating for the bill to come to a vote by the committee and hopefully the full Senate in the near future. Please continue to check back for updates on this legislation and other PIA priorities in our Blog, as well as in the Wisconsin Professional Agent Magazine ‘Capitol Updates’ going forward.