The Philippines’ insurance regulator has ordered all insurers and related companies to take steps to protect their clients’ personal information, amid reports of data breaches both locally and internationally.
A circular letter issued last month by Insurance Commission (IC) chief Dennis Funa directed insurance companies, pre-need firms, health maintenance organizations, and mutual benefit associations to comply with the Data Privacy Act of 2012 and protect their clients’ personal information, the Philippine Star reported.
The regulator required all companies under its watch to register with the National Privacy Commission as a personal information controller or a personal information processor, and to assign an officer to be in charge of data protection. Companies must also undergo a privacy impact assessment, create a privacy manual for the company that details various privacy and data protection measures, and implement data breach reporting protocol.
Meanwhile, IC deputy commissioner George Ongkeko, who was speaking at the recent 15th Philippine Insurance Summit, said the commission is working to be on top of various technological developments in the insurance sector.
He added that IC will come up with more regulations to safeguard the use of technology to benefit both insurance companies and their clients.
