Reinsurance Group of America Receives Certification for Binding Corporate Rules
RGA is the first reinsurer to secure BCR approval as both data controller and processor
ST. LOUIS, June 18, 2020 – Reinsurance Group of America, Incorporated (NYSE: RGA) today announced that the Irish Data Protection Commission (DPC) recently approved its Controller and Processor Global Binding Corporate Rules (BCRs). RGA is the first reinsurer to receive BCR approval as both a controller and processor of data since the General Data Protection Regulation (GDPR) went into effect in 2018.
The BCR standard demonstrates compliance with guiding principles that allow RGA to facilitate the transfer of data within the organization across its global geographical footprint. Through BCR approval, regulators have the ability to hold RGA accountable for its data protection practices in and beyond the European Union.
“BCRs are a globally recognized gold standard and signal our ongoing commitment to protecting the data of our clients, partners, and ceding companies,” said Jonathan Porter, Executive Vice President and Global Chief Risk Officer, RGA. “Our work to manage risk is ongoing, and the approval of RGA’s application reflects the organization’s willingness to voluntarily abide by the most stringent standards for the protection of personal data across the entire organization.”
BCRs are only approved following a positive opinion from the European Data Protection Board (EDPB) and a rigorous review conducted by multiple data protection authorities. European data protection standards and laws are widely regarded as among the most comprehensive and strict in the world. These laws require organizations to comply with various data protection requirements, including ensuring fair and lawful processing, providing appropriate technical and organizational security, and guaranteeing respect for individuals' data protection rights.
For more information and to view RGA’s BCRs, please visit www.rgare.com.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force and assets of $75.7 billion as of March 31, 2020. Founded in 1973, RGA is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.