05 December 2017
Data protection: new London Market Core Uses Information Notice published
With increasing concerns over the use of personal data, special categories of personal data (sensitive data) and the impending implementation of the General Data Protection Regulation (May 2018), the LMA, with the IUA, LIIBA and BIBA, has published a London Market: Core Uses Information Notice.
The Notice is designed to provide data subjects with a consistent explanation of how various insurance market participants process their personal data in respect of core activities that take place throughout the insurance lifecycle. It takes into account the complexities of the London market and the GDPR requirements and has two main functions:
- To assist insurers, brokers and other market participants, and their clients, in explaining to data subjects how their personal data may be disclosed and used through the distribution chain for core activities from pre-placement to claims payment.
- To cross-refer within contractual documentation when one market participant relies on another to provide notice of, or obtain consent to, the use of personal data.
The Notice is a live working draft, and will be reviewed at least quarterly. The UK Data Protection Bill, when enacted, may lead to changes to the Notice, as could further guidance from the Information Commissioner’s Office.
Manreet Sher, Senior Executive, Legal & Compliance, at the LMA, said: “This is an LMA-led initiative to improve efficiency within the market. Widespread use of the Notice should greatly assist in educating consumers consistently on how their personal data is used throughout the insurance lifecycle and thereby support each market participant’s own efforts to meet its obligations under GDPR.”
The Notice is the result of significant work by the LMA, LIIBA, BIBA, the IUA and the market working party and we are grateful for the assistance of our panel of law firms: Clyde & Co, DAC Beachcroft and Norton Rose Fulbright.
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Notes to Editors
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 0207 327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum.
For more information visit: www.lmalloyds.com.