A new London Market Working Group has been set up to address the EU’s General Data Protection Regulation, which both the Government and FCA have confirmed will come into effect in 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.
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 being assisted by three leading law firms; DAC Beachcroft, Clyde & Co and Norton Rose Fulbright, who will look 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.
Steve Morrell, LMA Manager Legal & Compliance said: “Our cross-market group reflects how seriously the market takes data protection issues. We are delighted to have experts from three leading law firms assisting us.”
The Working Group is also supporting the ABI’s efforts to gain greater clarity from the Department for Culture Media and Sport and the Information Commissioners Office on certain aspects of the new regulation and how it will work in the insurance industry.