Twenty years after the first major piece of UK legislation to deal with personal data the UK now has a new focal point for information law: the Data Protection Act (2018). The Act is the UK’s implementation of the General Data Protection Regulation (GDPR), enshrining it in UK law, clarifying the national derogations and extending data protection laws into areas not covered by the GDPR. You can find out more about the Data Protection Act via the Information Commissioner's Office (ICO), the information regulator in the UK.
The GDPR brings new rights for individuals and greater responsibilities for organisations that manage personal data. You can see how the IFoA has responded to these changes via our Privacy Notice and associated policies. If we process your personal data you can review how we manage your data, how we secure it and how to exercise any of your information rights under the Act.
The principles of the GDPR
There are seven principles under the GDPR:
- Lawfulness, fairness and transparency: the need to have a lawful basis for processing personal data and to be open with data subjects about how it will be used
- Purpose limitation: the requirement to specify at the outset the purpose of the processing and safeguards to prevent the use of the data for other purposes without consent
- Data minimisation: to ensure the data is adequate, relevant and limited to what is necessary for the processing
- Accuracy: that the data is up to date, and kept that way
- Storage limitation: the data should only be kept for as long as is necessary, and disposed of according to a set schedule
- Security: this requires that data is held in conditions where ‘appropriate technical and organisational measures’ are in place
- Accountability: this reflects the need to evidence compliance and take responsibility for processing data in line with the law
Separate provisions are made for the rights of the individual under the GDPR and the new Data Protection Act:
- The right to be informed: the provision of clear privacy information at the point of collection
- The right of access: the data subject's right to obtain a copy of any personal data held in a timely manner
- The right to rectification: the right to have data corrected or completed
- The right to erasure: the qualified right to have personal data permanently destroyed
- The right to restrict processing: the qualified right to have processing of personal data limited or stopped altogether
- The right to data portability: the right to have a copy of the data in a transferrable format
- The right to object: the qualified right to have data processing stopped in certain circumstances
- Rights in relation to automated decision making and profiling: rights around the use of profiiling and the right to challenge automated decision making
Resources and guidance
Following on from our risk alert at the start of 2018 further guidance was given in a specially commissioned event and webinar in London: 'Preparing for the GDPR'. This session provided an overview of the key elements of the GDPR for an actuarial audience. For guidance on specific matters relating to the position of data controllers or data processors where information is not available on the ICO website the ICO provide an enquiry service.
Research and further reading
As with any new legislation the GDPR and the 2018 Act will evolve as good practice, regulatory guidance and case law develop. If you are interested in different perspectives on information privacy law you can sign up for updates from the ICO, or search for papers and articles on the GDPR and related matters.
Clubs and societies
As with the 1998 Act small clubs and societies will require to maintain compliance with the GDPR and the new Act. Actuarial societies by their nature collect and store personal data and should take advantage of the guidance on the ICO website for small organisations. The guidance around the 'Right to be informed' provides a template for a revised Privacy Notice, the means by which organisations communicate their approach to the collection and ongoing management of personal data as well as individuals rights in relation to it. Societies should also be aware of the principles of the Act and the GDPR, in particular around purpose limitation, storage limitation and security.
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Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.