Alroeya, 12 May 2022: The UAE’s Central Bank has clarified the controls for collecting personal information by entities which practice marketing, issuing and managing insurance policies.
The Central Bank has issued a Circular to this effect.
They have issued it to all insurance companies, insurance agents and brokers and banks which market insurance policies operating in the country.
It includes guidelines on the personal information which may be collected for insurance policies.
All insurance companies, insurance agents, brokers and banks which market insurance policies must comply with the guidelines when collecting personal information through application forms, service offers, claim forms, or any other type of document. provided by the customer, whether in writing, electronically, or through call centres.
The Bank clarified the instructions apply to collecting information related to all types of insurance and Takaful products, including life insurance, fundraising, health insurance, property and liability insurance and any other type or category of insurance products.
The personal information collected by the parties involved in the marketing, issuing and/or management of insurance policies should be limited to specific, explicit and legitimate purposes.
The aim is to ensure compliance with the regulatory and legal requirements and provide adequate advice to recommend appropriate insurance products when necessary.
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