Privacy of personal information in IC-regulated entities

PERSONAL information is essential in the business of insurance. This is true, too, when it comes to other similar industries like pre-need, mutual benefit associations (MBAs) and health maintenance organizations (HMOs), which are all regulated entities under the Insurance Commission (IC). Not only are the names, contact details, addresses and medical history shared by the policyholder, plan holder or member with these entities, these entities also retain databases containing details that include face value, premium payments and beneficiaries pertaining to their clients’ policies, plans and/or membership.

Thus, it is necessary that these IC-regulated entities, which collect and process such important personal data, take utmost care and protection of the information gathered. Any data breach or misuse would constitute a violation of the country’s data privacy laws.