Allianz Group recently received approval of its Binding Corporate Rules from the EU-mandated Bavarian Data Protection Authority, BayLDA. Binding Corporate Rules or "BCRs" were developed by the European Union to allow multinational corporations to make intra-organizational transfers of personal data across borders in compliance with EU Data Protection Law.
In principle, EU data protection law does not allow the transfer of personal data from the EU to the United States, Asia, and other regions. With the BCRs, companies can overcome that restriction, affording EU-level privacy protection to individuals globally, including those in countries with minimal to no safeguards for privacy rights and freedoms.
“Our business is built on trust. In an era where data privacy is an increasingly sensitive issue, it is critical that Allianz continue to be at the forefront of privacy protection,” says Dr. Helga Jung, Member of the Board of Allianz SE. “BCRs approval emphasizes how we are committed to maintaining the trust of our customers, employees, and business partners.”