In line with the EU’s GDPR, the regulation of the personal information protection is to be more restricted. The EBC recognises that the FSA will put in place the new regulatory requirements with the Personal Information Protection Commission (PPC). The EBC recognises that insurance brokers and small medium sized enterprises handling personal data of their customers and employees would be within the scope of the regulations more than ever. The EBC recommends that the FSA, together with PPC, secure clear provisions and issue swift guidelines in responding to insurers’ requests for consultation.
- The FSA should maintain collaboration with PPC in supervision over the evolving areas regarding data privacy to sustain appropriate and swift handling by insurers of personal data of customers.
- The FSA should make sure that the required procedures including, incident reporting, are not complicated and burdensome for the industry.