Since the regulation is expected to enter into force in Norway within a short period of time, Norwegian banks and insurance companies receive several inquiries from business customers who wonder if they must enter into a data processing agreement with their bank or insurance company. The inquiries are understandable as the banks and insurance companies often process information about the business customers’ employees, owners and elected representatives.
Business customers usually do not need to enter into data processing agreements with their bank or insurance company. Banks and insurance companies are responsible for the processing of information concerning the business customers’ employees, owners and elected representatives regarding the customer relations.
Read Finance Norways circular to member companies (Norwegian, for members only)
