Insurance Non Disclosure Agreement for Malaysia

Insurance Non Disclosure Agreement Template for Malaysia

This Non-Disclosure Agreement is specifically tailored for the Malaysian insurance industry, complying with the Financial Services Act 2013 and Personal Data Protection Act 2010. It provides a comprehensive framework for protecting confidential information exchanged between insurance companies and their business partners, including detailed provisions for data protection, regulatory compliance, and specific insurance industry requirements. The document incorporates Malaysian legal requirements while addressing the unique aspects of confidential information in insurance operations, such as policyholder data, claims information, and proprietary insurance products.

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What is a Insurance Non Disclosure Agreement?

The Insurance Non-Disclosure Agreement serves as a critical legal instrument in Malaysia's insurance sector, designed to protect sensitive information exchanged during business operations. This document is essential when insurance companies share confidential data with service providers, partners, or consultants, including policy details, claims information, actuarial data, and proprietary business information. It ensures compliance with Malaysian regulations, particularly the Financial Services Act 2013 and Personal Data Protection Act 2010, while addressing industry-specific confidentiality requirements. The agreement is typically used before engaging in business discussions, during due diligence processes, or when establishing ongoing business relationships in the insurance sector.

What sections should be included in a Insurance Non Disclosure Agreement?

1. Parties: Identification of the parties entering into the NDA, including the insurance company and the receiving party

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

3. Definitions: Detailed definitions of terms including 'Confidential Information', 'Insurance Business', 'Trade Secrets', and other relevant terms

4. Scope of Confidential Information: Detailed description of what constitutes confidential information in the insurance context

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

6. Data Protection Compliance: Specific obligations regarding personal data protection under Malaysian law

7. Security Measures: Required security measures for protecting confidential information

8. Term and Survival: Duration of the agreement and surviving obligations

9. Return or Destruction of Information: Requirements for handling confidential information upon termination

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

11. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes

What sections are optional to include in a Insurance Non Disclosure Agreement?

1. Permitted Disclosures: Special circumstances where disclosure is permitted, used when specific exceptions need to be documented

2. Third Party Rights: Rights of third parties under the agreement, included when third parties may have access to information

3. Insurance Regulatory Compliance: Specific provisions relating to insurance regulatory requirements, used when dealing with regulated entities

4. Assignment and Succession: Rules regarding transfer of rights and obligations, included for long-term or complex relationships

5. Separate Agreements: Reference to other related agreements, used when part of a larger transaction

6. Digital Data Handling: Specific provisions for digital information, included when dealing with electronic data

7. Cross-Border Transfer: Provisions for international data transfer, used when involving multiple jurisdictions

What schedules should be included in a Insurance Non Disclosure Agreement?

1. Schedule 1 - Categories of Confidential Information: Detailed list of types of confidential information covered

2. Schedule 2 - Authorized Representatives: List of individuals authorized to receive and handle confidential information

3. Schedule 3 - Security Protocols: Detailed security measures and protocols to be followed

4. Schedule 4 - Data Processing Requirements: Specific requirements for processing personal data under PDPA

5. Appendix A - Form of Confidentiality Undertaking: Template for additional confidentiality undertakings by employees or subcontractors

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Genie AI

Sector

Insurance

Cost

Free to use
Relevant legal definitions
Relevant Industries

Insurance

Financial Services

Healthcare

Professional Services

Information Technology

Risk Management

Financial Technology

Consulting

Banking

Legal Services

Relevant Teams

Legal

Compliance

Risk Management

Operations

Information Technology

Data Protection

Business Development

Underwriting

Claims Processing

Product Development

Actuarial

Customer Service

Finance

Audit

Partnership Management

Relevant Roles

Insurance Underwriter

Claims Manager

Compliance Officer

Legal Counsel

Risk Manager

Business Development Manager

IT Director

Chief Financial Officer

Actuarial Manager

Operations Director

Data Protection Officer

Chief Risk Officer

Insurance Broker

Product Development Manager

Partnership Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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