Insurance regulator IRDAI has constituted a taskforce to examine the implications of the Digital Personal Data Protection Act, 2023, for the insurance sector.
“The provisions of the Act would also have implications on the insurance sector as a whole,” the regulator said in a note forming part of the communication on formation of the taskforce. Heads of leading life and general insurance companies, including chairman of LIC, HDFC Life CEO and ICICI Lombard General Insurance CEO, as well as General Insurance Corporation CMD will be the members along with officials of the Insurance Regulatory and Development Authority of India and a partner from a leading law firm.
The regulator has set a one-month deadline for the taskforce to submit the report.
The decision to study the implications comes in the backdrop of the Union Ministry of Law and Justice notifying the Digital Personal Data Protection Act (DPDP Act, 2023). In the order constituting the taskforce, IRDAI said the Act aims for a comprehensive framework for processing of digital personal data recognising the right of individuals to protect their data and the need to process such personal data for lawful purposes.
The Act covers various aspects, including its application, grounds for processing personal data, consent architecture, general obligations of data fiduciaries, right to access information about personal data and penalty for non compliance, IRDAI said.
Published - November 28, 2023 10:41 pm IST
