IRDAI regulation · 26 Mar 2013
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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (SHARING OF CONFI- DENTIAL INFORMATION CONCERNING DOMESTIC OR FOREIGN ENTITY)· REGULATIONS, 2012 F. No. IRDA/Reg/2/60/2013.-In exercise of powers conferred by sections 14 and section 26 of Insurance Regulatory and Development Authority Act 1999 (41 of 1999) read with section 114 of the Insurance Act, 1938 (4 of 1938), the Authority in consultation with the Insurance Advisory Committee constituted under Section 25 of the Insurance Regulatory and Development Authority Act 1999, hereby makes the following regulations, namely:- Sbort title and commencement - 1. (I )These Regulations shall be called !RDA (Sharing of Confidential Infonnation concerning domestic or foreign entity) Regulations 2012. (2) They shall come into force from the date of their publication in the Official Gazette. Definitions - 2. In these regulations, unless the context otherwise requires - a. 'Authority' shall mean Insurance Regulatory & Development Authority established under Sub- Section (i) of Section 3 of the Insurance Regulatory and Development Authority Act 1999. b. (i) 'Confidential Information' with re~ to a foreign entity shall mean information obtained from the foreign entity that cannot be made available in the public domain regarding which the concerned foreign entity has requested that secrecy be maintained either explicitly or under any agreement/Mou to which th~ both the foreign entity and the Authority are signatories. (ii) Confidential Infonnation' with regard to domestic entity shall be as defined in applicable domestic laws. c. 'Custodian of infonnation' shall mean an officer designated as 'custodian of infonnation' not below the rank of Joint Director of the Authority in whose custody the