Insurers could be hit with £100m GDPR bill
Brokers urged to seek consent from customers and a put plan in place.
Home and motor insurers could face a £100m bill due to the incoming General Data Protection Regulation (GDPR), according to research from insurance market experts Consumer Intelligence.
Set to be implemented on 25 May 2018, the GDPR replaces the Data Protection Act and affects all UK companies who process or store personal information.
The new rule means insurers could be hit with fines of up to 4% of global turnover if they do not get explicit permission from historic customers to store their
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