General Data Protection Regulation (GDPR)
The EU General Data Protection Regulation comes into effect on 25 May 2018. The new regulation will introduce additional requirements for UK businesses, including those relating to consent, data portability and erasure, and will also create specific issues for the insurance market.
A London Market Working Group has been set up to address the GDPR. The initiative, co-ordinated by the Lloyd’s Market Association (LMA), includes the IUA, LIIBA, BIBA, ABI, BIPAR, Lloyd’s, and insurer and broker representatives. The group is working to produce guidance for the market on how its participants can comply with certain elements of the new requirements in an efficient and effective manner.
The LMA will also organise regular periodic meetings of a GDPR Forum to raise awareness of the requirements and market progress
We are delighted to be assisted by three leading law firms; DAC Beachcroft, Clyde & Co and Norton Rose Fulbright.