Philippines: Regulator cautions insurers about clients' privacy protection
Source: Asia Insurance Review | Jun 2019
The Insurance Commission (IC) has ordered insurance companies, pre-need firms, health maintenance organizations and mutual benefit associations to ensure the protection of their clients’ personal information.
In a recent circular, Insurance Commissioner Dennis Funa told IC-regulated entities to comply with data privacy laws to secure the personal information that they hold.
In particular, he said the financial entities have to assign an officer who will be in charge of data protection and to register with the National Privacy Commission as a personal information controller.
The IC chief also directed companies to conduct a privacy impact assessment, and publish a privacy manual for the implementation of privacy and data protection measures. Entities should also put in place data breach reporting procedures. A