Privacy Statement

1. General
Sparnaður ehf., kt. 570902-2450, Garðatorgi 7, 210 Garðabær, (hereinafter “Savings”, “the Company”, “we”, “our”), cares about the privacy of individuals and takes privacy very seriously. The Company attaches great importance to the processing of personal data at all times in accordance with applicable data protection legislation. In this notice you can see what personal data the company collects about individuals in connection with its activities and for what purposes. Here you can find information about other recipients of the information and how long we store it. In addition, here you can find information on the basis on which Savings collects personal data, what rights individuals enjoy and other important information related to the Law on Data Protection and Processing of Personal Data No. 90/2018.

2. What is personal data and the processing of personal data?
Personal data refers to any information that can be traced back to a specific individual, such as information about name, identity number, address, email address, phone number, finances, health status, IP address, and more. In the 2nd and 3rd tl. Article 3 of Act No 90/2018 on Data Protection and Processing of Personal Data provides a more detailed definition of personal data. The processing of personal data refers to all processing and use of personal data such as collection, recording, retention, modification or deletion. In 4. tsp. Article 3 of the Law No 90/2018 on Data Protection and Processing of Personal Data provides a more detailed definition of the processing of personal data.

3. How does the company process personal data?
At Sparehf. the processing of personal data is carried out on a legitimate basis and in accordance with the Law on Data Protection and Processing of Personal Data No. 90/2018. The Company may also ensure that personal data is not further processed in such a way that the processing is incompatible with the original purpose of the processing. The Company may observe the following principles:

  • That personal data is processed in a reasonable manner.
  • That personal data is collected only for explicit purposes.
  • Not to collect more personal data than is necessary.
  • That personal data is accurate and up to date when necessary.
  • That personal data is not stored longer than necessary.
  • To take care of the security of personal data with appropriate precautions.

4. What personal information does Savings collect about you?
Savings collects different personal data about different groups of individuals depending on the company's activities. Under all circumstances, Savings strives to collect only the personal data that is necessary with regard to the purpose of the processing. Savings collects in particular the following personal data about its customers:

4.1. Agency sales of pension savings:The personal information that Savings collects in connection with the sale of pension savings includes basic information (name, email address, telephone number and address), salary information, employer information and passport information in order to unequivocally verify the identity of the person concerned.

4.2. Commissary sale of periodic savings:The personal information that Savings collects in connection with the sale of periodic savings are basic information (name, email address, telephone number and address), the amount of savings and passport information in order to unequivocally verify the identity of the person concerned.

4.3. Loan disbursement services:

Due to loan repayment services, Savings needs to retain information about the person's name, email address, telephone number, address and loan details.

4.4. Insurance agency
On the agency sale of insurance for Vátryggingafélag Íslands hf. (VÍS) Savings plays the role of a processor within the meaning of the Data Protection Act. The personal information that Savings collects in connection with those activities includes basic information (name, telephone number and address), health information, family information, financial information, information about the type of insurance and insurance amounts.

5. Why does Savings collect personal information about you?
The purpose of collecting the information is, in particular, to:

  • Able to fulfill a contractual obligation.
  • Able to provide customers with requested services.
  • Offer individuals insurance with VÍS (child insurance, sickness insurance and life insurance).
  • Offer individuals insurance with Bayern Life (interest insurance).
  • Assistance in paying down debt, increasing asset portfolios and financial security of clients.
  • Enable customers to calculate the profitability of paying down on principal loans.
  • Take care of transfers into customer loans. Fulfill a legal obligation, for example Act No. 145/1994 on accounting.

6. On what legal basis does Saving process personal information about you?
Savings collects and processes personal data on the following legal bases:To comply with a contractual obligation.Your consent.To comply with legal obligations.To take care of the legitimate interests of the company.

7. How long does Savings store personal information about you?
Savings stores personal data only for as long as it is necessary for the company to have it at hand. When it is no longer necessary to have personal data on hand, the company securely deletes it.

8. From whom does Savings collect information about you?
Savings collects personal information from you directly. If personal information is collected from a third party, Savings will make every effort to inform the person concerned about it.

9. When does Savings disclose your personal information to third parties and why?
Savings discloses personal information to third parties hired by the company to perform certain work, such as service providers, agents or contractors. In those cases, the company concludes a processing agreement with the relevant party. Such a contract stipulates, among other things, his obligation to comply with Savings's instructions on the processing of personal data and is not allowed to use them for any other purpose. In addition, he shall be obliged to ensure the security of the information in an appropriate manner.

In connection with the sale of pension savings and insurance in agency sales, Savings is required to communicate information to the following parties:

  • Versicherungskammer Bayern, located in Germany (Bayern Life).
  • PM-Premium Makler GmbH (Savings offers Bayern Life products through the German insurance broker PM-Premium Makler GmbH).
  • Payroll customers.
  • Premium ehf., which is responsible for collecting premiums from employees of Bayern Life fund members.
  • Váingafélag Íslands hf.

10. Transfer of personal data outside the European Economic Area
Savings is aware that strict conditions apply to the transfer of personal data to countries located outside the European Economic Area. The Company does not do so under any circumstances unless there is sufficient authority to do so under the Personal Data Protection and Processing Act No. 90/2018.

11. Your rights
If you have given your consent to the processing of certain personal data, you have the right under the Data Protection and Processing of Personal Data Act No. 90/2018 to withdraw your consent at any time. However, that right does not affect the lawfulness of the processing carried out before the withdrawal of consent. You also have other rights, such as the right to access your data, the right to have false or misleading information corrected, the right to have your personal data deleted, the right to prevent the processing of personal data about you and the right to transfer your own data. It should be borne in mind that your rights are not always unconditional and may be subject to various conditions.

12. Security of personal data
Savings has taken appropriate technical and organizational security measures to ensure the security of personal data in accordance with the Personal Data Protection and Processing Act No. 90/2018. This includes, among other things, that only those employees have access to the personal data that is necessary for their work. In addition, the company ensures that employees receive appropriate education and training on safety issues on a regular basis.

13. Contact Information Savings
Name: Sparnaður ehf.Address: Garðatorg 7, 210 Garðabær Email: sparnadur@sparnadur.is

If you have further questions about how Savings handles your personal data, you can send a message to personuvernd@sparnadur.is.

14. Right to lodge a complaint with the Data Protection Authority
If you doubt that Savings processes your personal data in accordance with the Law on Data Protection and Processing of Personal Data no. 90/2018, you have the right to lodge a complaint with the Data Protection Authority (www.personuvernd.is).

15. Revision of this Privacy Statement
This privacy statement was approved on 20.12.2021 and will be next revised on 28.12.2023.

‍