INSURANCE
IRDAI forms taskforce to examine implications of Digital Personal Data Protection Act, 2023 for insurance sector
Nov-29-2023

Insurance regulator -- the Insurance Regulatory and Development Authority of India (IRDAI) has constituted a taskforce to examine the implications of the Digital Personal Data Protection Act, 2023 (DPDP) for the insurance sector. The act aims to provide for setting out a comprehensive framework for the processing of digital personal data in a manner that recognizes both the right of individuals to protect their personal data and the need to process such data for lawful purposes and for matters connected therewith or incidental thereto.

In view of above, the 11 members of the task force constitute to examine DPDP Act 2023 on the sector which includes Randip Singh Jagpal, Executive Director (Non-Life) at IRDAI, J Meena Kumari, Executive Director (Life) IRDAI, Chairman of Life Insurance Corporation of India (LIC), CEOs of HDFC Life Insurance, ICICI Lombard General Insurance Company, Aditya Birla Health Insurance Company, CMDs of New India Assurance Company, General Insurance Corporation of India, among others. The task force will submit its report within a period of one month from the issuance of the order.

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