A new London market working group has been formed to address the European Union’s new regulation that will strengthen data protection across the regional bloc.
Organised by the Lloyd’s Market Association (LMA), the initiative includes the Association of British Insurers, the British Insurance Brokers’ Association, the International Underwriting Association, other industry bodies, and insurer and broker representatives.
The group will be helped by leading law firms DAC Beachcroft, Clyde & Co and Norton Rose Fulbright, which will guide the market on how to efficiently comply with certain elements of the new rules.
“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,” said Steve Morrell, LMA manager for legal and compliance.
Taking effect in May 2018, the new EU regulation will introduce additional requirements for UK businesses, including those relating to consent, data portability and erasure. It will also create specific issues for the insurance market.
The new London body will support 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.
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