Managers of the National Association of Insurance Commissioners could spend about $12 million over the next three years to improve the organization’s information systems and data security efforts.
Officials at the Kansas City, Missouri-based regulator group say they hope to use about $8.5 million to modernize the NAIC’s insurance industry data collection systems, and change the NAIC’s tech project development practices.
NAIC officials say they also need money to create an analytics data warehouse, offer regulators self-service business intelligence tools, harden NAIC systems against hackers, and create tools regulators can use to educate consumers.
Officials have outlined the spending proposals in a new three-year strategic plan.
(Related: Making a Case for a Strengthened NAIC)
The plan, dubbed “State Ahead,” also includes non-tech proposals, and both tech and non-tech proposals that that involve little or no extra spending.
A copy of the plan is available here.
NAIC officials want to spend $600,000 to give state insurance regulators more briefings on complicated new issues, such as cybersecurity, and the insurance implications of self-driving vehicles.