IRDAI Regulations 2024: Comprehensive Overview of Policyholder Protection and Insurer Operations
5. Definitions applicable to Part A
Chapter 3 - Sale and Issuance of Insurance Policies
Privacy and Confidentiality
Bare Act
15. Privacy and Confidentiality
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(1) Subject to ensuring compliance as per extant law on data protection, insurers and distrib… Read the complete text with KanoonGPT Pro.
Simplified Act
This section of the IRDAI Regulations, 2024, focuses on how insurance companies and their partners must handle personal information. It emphasizes the importance of keeping this information private and secure. The section outlines rules about sharing information and… Read the complete text with KanoonGPT Pro.
Explanation using examples
Example 1: Unauthorized Sharing of Policyholder Information
Introduction: John, a policyholder, recently purchased a health insurance policy from XYZ Insurance. During the application process, he provided personal information, including his medical history and contact details.
Application: According to Section 15(2) of the IRDAI Regulations, 2024, the information collected from John during the solicitation of his insurance policy cannot be shared with any third party without his explicit consent, except under specific circumstances such as statutory requirem… Read the complete text with KanoonGPT Pro.
