Insurance Non Disclosure Agreement for Singapore

Insurance Non Disclosure Agreement Template for Singapore

This Insurance Non-Disclosure Agreement is a legally binding document governed by Singapore law, designed to protect confidential information exchanged between parties in the insurance sector. It incorporates requirements from the Personal Data Protection Act (PDPA), Insurance Act, and relevant Monetary Authority of Singapore (MAS) guidelines. The agreement establishes obligations for maintaining confidentiality, data protection measures, and specific compliance requirements for the insurance industry in Singapore.

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What is a Insurance Non Disclosure Agreement?

The Insurance Non-Disclosure Agreement is essential when parties need to share sensitive information in the context of insurance business operations in Singapore. This document is particularly relevant for situations involving the exchange of underwriting data, claims information, customer details, or proprietary insurance products. It ensures compliance with Singapore's regulatory framework, including PDPA and MAS requirements, while protecting both parties' confidential information. The agreement is commonly used in insurance partnerships, service provider relationships, and reinsurance arrangements.

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

1. Parties: Identification of all parties to the NDA, including registered addresses and company registration numbers

2. Background: Context of the NDA and the insurance-related purpose for which confidential information will be shared

3. Definitions: Key terms including 'Confidential Information', 'Permitted Purpose', 'Representatives', and 'Data Protection Laws'

4. Confidentiality Obligations: Core obligations regarding protection and non-disclosure of confidential information

5. Permitted Disclosures: Circumstances under which confidential information may be disclosed

6. Data Protection: Compliance with PDPA and other data protection requirements

7. Term and Termination: Duration of the agreement and termination provisions

8. Governing Law: Singapore law and jurisdiction clause

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

1. Security Measures: Specific technical and organizational measures for information security when dealing with sensitive electronic data or systems access

2. Competitive Activity: Non-compete provisions for cases involving commercially sensitive insurance product information

3. Regulatory Compliance: Specific MAS compliance requirements for regulated insurance activities

4. Audit Rights: Right to audit compliance with confidentiality obligations for long-term or high-risk information sharing

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

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

2. Schedule 2 - Security Requirements: Technical and organizational security requirements

3. Schedule 3 - Authorized Representatives: List of personnel authorized to access confidential information

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

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Life Insurance
General Insurance
Health Insurance
Reinsurance
InsurTech

Relevant Teams

Legal
Underwriting
Claims
Compliance
Information Technology
Product Development

Relevant Roles

Chief Risk Officer
Underwriting Manager
Claims Director
Compliance Officer
Insurance Broker

Industries

PDPA 2012: Personal Data Protection Act 2012 - Primary legislation governing the collection, use, disclosure and care of personal data in Singapore

Insurance Act (Chapter 142): Primary legislation regulating insurance business in Singapore, including confidentiality obligations for insurers

Contract Law (Chapter 53): Basic law governing formation and enforcement of contracts in Singapore

Misrepresentation Act (Chapter 390): Legislation dealing with false statements and misrepresentations in contractual relationships

MAS Guidelines - Insurance Intermediaries: Monetary Authority of Singapore's guidelines setting standards of conduct for insurance intermediaries

MAS Notice 114: Specific notice regarding confidentiality of customer information in the insurance sector

MAS Technology Risk Management Guidelines: Guidelines for managing technology risks and protecting sensitive information in financial institutions

IAS Guidelines: Insurance Association of Singapore's industry guidelines for insurance practices

GIA Codes of Practice: General Insurance Association's codes governing conduct and practices in general insurance

LIA Guidelines: Life Insurance Association's guidelines specific to life insurance sector practices

Confidentiality Obligations: Key contractual provisions defining scope and nature of confidential information and protection requirements

Data Protection Requirements: Specific measures required for protecting personal and sensitive data under Singapore law

Trade Secrets Protection: Provisions for protecting proprietary information and trade secrets

Information Security Measures: Technical and organizational measures required for protecting confidential information

Duration of Confidentiality: Temporal scope of confidentiality obligations and survival provisions

Return/Destruction Procedures: Procedures for handling confidential information upon agreement termination

Permitted Disclosures: Defined circumstances under which confidential information may be disclosed

Breach Notification: Requirements and procedures for notifying parties in case of confidentiality breaches

Enforcement and Remedies: Legal remedies and enforcement mechanisms available for breach of confidentiality

Survival Clauses: Provisions specifying which obligations survive the termination of the agreement

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Strict NDA

A strict confidentiality agreement under Singapore law protecting sensitive business information with robust enforcement mechanisms.

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What is a Insurance Non Disclosure Agreement?

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

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

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

Authors

Alex Denne

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