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Small Cyber Insurers Worry Regulators
Do cyber insurers understand the risks they’re taking on?
Adam Hamm, North Dakota’s Commissioner of Insurance, isn’t so sure. During a session at the Property/Casualty Insurance Joint Industry Forum, Hamm, who is also the chair of the NAIC’s task force on cybersecurity, said he and other regulators “have concerns about smaller or medium-size companies that are selling these products.” Here, he explains that data from an annual statement supplement will help regulators get their arms around the problem.