Must insurance companies keep the information of the insurance buyer confidential in all cases?
The confidentiality of information about the insurance buyer of the insurance enterprise is specified in Clause 2, Article 20 Insurance Business Law 2022 as follows:
Rights and obligations of insurance enterprises and branches of foreign non-life insurance enterprises
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2. Insurance enterprises and branches of foreign non-life insurance enterprises have the following obligations:
a) Provide the insurance buyer with an insurance request, questionnaire related to insured risks, insurance objects, rules, conditions, and terms of insurance;
b) Explain clearly and fully to the insurance buyer about insurance benefits, insurance liability exclusion clauses, rights and obligations of the insurance buyer when entering into an insurance contract;
c) Provide the insurance buyer with evidence of entering into an insurance contract as prescribed in Article 18 of this Law;
d) Issue insurance premium invoices to the insurance buyer as agreed in the insurance contract and relevant legal regulations;
d) Compensate and pay insurance money when an insured event occurs;
e) Explain in writing the reason for refusing compensation or insurance payment;
g) Coordinate with the insurance buyer to resolve the third party's request for compensation for damages under insurance liability when an insured event occurs;
h) Store insurance contract documents according to the provisions of law;
i) Confidentiality of information provided by the insurance buyer and insured person, except when requested by a competent state agency or with the consent of the insurance buyer and insured person;
k) Other obligations as prescribed by law.
Accordingly, insurance enterprises are obliged to keep the information of the insurance buyer confidential, except when required by a competent state agency or with the consent of the insurance buyer.