Insurance Confidentiality Agreement Template for India

The Insurance Confidentiality Agreement is essential for insurance sector operations in India where parties need to share sensitive information while ensuring regulatory compliance and data protection. This document is typically used when insurance companies, brokers, or service providers need to exchange confidential information such as policyholder data, claims information, underwriting details, or proprietary business information. It is specifically structured to comply with Indian insurance regulations, including the Insurance Act 1938, IRDAI guidelines, and data protection requirements. The agreement becomes particularly relevant in situations involving outsourcing arrangements, strategic partnerships, or when engaging with third-party service providers in the insurance sector. It includes specific provisions required by Indian law and IRDAI regulations regarding data security, privacy protection, and confidentiality obligations.

1. Parties: Identification of the parties entering into the agreement, including registered addresses and company details

2. Background: Context of the agreement, relationship between parties, and purpose of sharing confidential information

3. Definitions: Definitions of key terms including 'Confidential Information', 'Permitted Purpose', 'Representatives', and other relevant terms

4. Scope of Confidential Information: Detailed description of what constitutes confidential information, including policyholder data, trade secrets, and business information

5. Confidentiality Obligations: Core obligations regarding the protection, use, and non-disclosure of confidential information

6. Permitted Disclosures: Circumstances under which confidential information may be disclosed, including regulatory requirements and legal obligations

7. Data Protection and Security: Specific requirements for protecting data in accordance with IRDAI guidelines and IT Act requirements

8. Return or Destruction of Information: Obligations regarding the return or destruction of confidential information upon termination or request

9. Term and Termination: Duration of the agreement and circumstances for termination

10. Breach and Remedies: Consequences of breach and available remedies

11. General Provisions: Standard provisions including governing law, jurisdiction, and entire agreement