Insurance Regulatory and Development Authority (Sharing of Confidential Information concerning domestic or foreign Entity) Regulations, 2012″ provides comprehensive guidelines on the conditions under which confidential information related to domestic and foreign entities can be shared by the Insurance Regulatory and Development Authority of India (IRDAI). Here’s a detailed summary of these regulations:
Title and Commencement:
Named the IRDA (Sharing of Confidential Information concerning domestic or foreign Entity) Regulations, 2012.
Effective from the date of their publication in the Official Gazette.
Definitions:
Defines key terms such as “Authority,” “Confidential Information” for both domestic and foreign entities, “Custodian of Information,” “Foreign Entity,” “Information” for both contexts, “Regulated Entity,” “Requesting Entity,” and “Requested Entity.”
Also explains how other terms used are to be interpreted based on their definitions in related acts.
Disclosure of Information:
Outlines the procedure for handling requests for information, including considerations under the Right to Information Act, 2005.
Emphasizes the need for written requests and the requirement for the custodian’s approval before any disclosure.
Specifies the conditions for sharing confidential information, particularly with law enforcement or regulatory authorities, including obtaining consent from the requested entity and ensuring legal authority for confidentiality maintenance by the recipient.
Stipulates that all current and former employees of the Authority are bound by professional secrecy regarding confidential information, with legal consequences for breaches.
Categorization of Information Sought:
Differentiates between information available in the public domain and that which is not.
Information in the public domain includes regulatory filings with the IRDA and other publicly accessible data. This information can be freely shared.
Information not available in the public domain is handled with more stringent criteria, focusing on the necessity and confidentiality of the information, as well as the legitimacy of the requesting entity’s purpose.
Consideration of Requests on Merit:
Each request for non-public information is to be assessed on its own merits, considering factors like the nature of the information, the reasons for the request, and the implications of sharing such information.
The Authority retains the right to refuse sharing information that could impact the stability or competitiveness of the insurance industry.
These regulations aim to balance the need for transparency and the protection of sensitive information within the insurance sector, ensuring that all disclosures are handled judiciously and in compliance with legal standards.
