The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a taskforce to examine the impact of Digital Personal Data Protection Act 2023 on the insurance sector.
The Ministry of Law and Justice, Legislative Department notified the Digital Personal Data Protection (DPDP) Act, 2023.
The Act aims to provide for setting out a comprehensive framework for the processing of digital personal data in a manner that recognises both the right of the individual to protect their personal data and the need to process such personal data for lawful purpose.
In view of this, the insurance regulator formed a task force headed by Randip Singh Japal, Executive Director (Non-Life), IRDAI and 10 other members including Chairman of LIC, CEOs of HDFC Life Insurance, ICICI Lombard, Aditya Birla Health Insurance and CMDs of General Insurance Company, New India Assurance Company, among others.
The Task Force will submit its report within a period of one month, according to a circular.