Our take on it is that:

• The scope is not clear;
• It embeds data classification, encryption, incident response planning, breach notification and device security certification as basic standards;
• It requires data localisation; and
• It echoes the EU’s GDPR by mandating that companies obtain the consent of Chinese citizens before collecting, handling or processing their PII.

All of this means it’s worth keeping an eye on developments, especially for clarification over scope and applicability.  Whilst we wait for that, it would be wise to extract value from existing GDPR or NYDFS compliance programs and carry out an initial data mapping exercise in relation to your Chinese operations.  This will give you the best foundation to roll out solutions, once they are confirmed as necessary. If you’d like to discuss this further, please contact us.

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In more detail, a London Market Working Group has been set up to address the GDPR. 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 working 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.

If you didn’t know about or manage to attend the Lloyd’s Old Library briefing in May, make sure you register for the next one which will be held on 23^rd June 2017.

Take a look at the LMA website for the latest information and to build their deliverables and timelines into your GDPR program.  Alternatively, to benefit from our experience of the market and to discuss ways to achieve effective GDPR compliance, contact us.

The post What is the insurance industry doing about GDPR? appeared first on Navodon (re)insurance consultancy.