Published on Lexology
Market Spotlight
Trends and prospects
What are the current trends in and future prospects for the
insurance and reinsurance markets in your jurisdiction?
GDPR
The EU General Data Protection Regulation (2016/679) (GDPR) and
the relevant national law have a broad impact on insureds and their
insurers, particularly with regard to directors' and
officers' (D&O) insurance. In particular, the GDPR
contains:
- strict data management rules;
- new liability exposures; and
- far-reaching tools for imposing fines
on companies and their managers.
The GDPR entered into force on 25 May 2018. It not only provides
stricter requirements for companies dealing with personal data, but
has also introduced new standards for data breach notifications and
drastically increased potential fines in the event of a violation
of these requirements. Accordingly, data law compliance has become
even more important under the GDPR. European regulators have
