Data protection in the insurance industry, one year on
In this IIL London Market lecture Anthony Woolich and Felicity Burling recapped the position for organisations in the insurance industry under the relevant General Data Protection Regulation (GDPR) legislation and the Data Protection Act 2018, and will flag data protection issues particularly relevant to the insurance industry nearly one year after implementation.
GDPR came into force across the European Economic Area on 25 May 2018, and was supplemented in the UK by the Data Protection Act 2018.
Nearly one year after implementation, many businesses are still catching up, honing their policies and procedures, ensuring that the correct contracts and risk assessments are in place, and addressing issues on legacy data.
Anthony and Felicity provided a round-up of data protection issues particularly relevant to the insurance sector, an outline of the insurance-specific provisions in the Data Protection Act 2018, and discuss some ways to improve and develop businesses' data protection compliance programmes.
By the end of this lecture members would have gained an insight into:
- What has happened since the data protection regime was updated on 25 May 2018, and the approach adopted by the Information Commissioner's Office, the Financial Conduct Authority and the Prudential Regulation Authority so far
- How to apply the provisions of the GDPR and UK Data Protection Act 2018 which are of particular interest to the insurance industry
- What you can do to ensure that your organisation remains compliant
Vassilina Bindley, Consultant, Malakut Insurance Brokers.
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