- RSA hosts London Market Broker Roundtable-changing needs of customers highlighted
- Lockton report highlights that UK companies are underestimating the impact of a data breach
- Standard & Poor's warns on some potential reinsurer exposures in 2017
- Standard Life and Aberdeen Asset Management merger completed
- Prudential sells US broker-dealer network
- Admiral turnover and customer numbers up in first half-"marginal increase in profitability and more material increase in underlying dividend" says CEO Stevens
- Talanx net income up 14.9% in "pleasing" first half expired
- Bongi appointed EVP of Professional Lines at Brit Global Specialty USA(BGSU) expired
- Charles Taylor TPA appoints Director of Strategy and Performance expired
- Davies Group acquires Claims Management Services(CMSL) expired
- Fidelis appoints CRO Mathias to Board expired
- Schinnerer Group to acquire ICAT expired
9th August 2017
Concern that GDPR will continue to restrict the insurance chain from being able to process sensitive personal data without obtaining explicit consent
The General Data Protection Regulation Consultation(GDPR) closed on Monday but failed to deliver the hoped-for concessions to the insurance industry.
Isabel Ost, senior associate at Clyde & Co. comments "The Government's statement of intent does not address the industry-wide concern that the regulation in its current format will continue to restrict the insurance chain from being able to process sensitive personal data without obtaining explicit consent, which would severely impact insurers current business models. Although it appears the government will retain the current status quo by legislating to extend the right to process personal data on criminal convictions and offences so as to enable organisations without official authority to process criminal convictions and offences data, the government's position on the processing of health data by the insurance market is not addressed."
"It remains to be seen what this legislation looks like in practice so the insurance industry must continue to bang the drum about this important issue."
Clyde & Co Trends(12 articles)