22 Nov Taiwan’s FSC to Limit Personal Data Usage of Insurance Companies
Taiwan’s Financial Supervisory Commission (FSC) said this week that the use of personal data collected from the public by insurance companies’ will now be limited to five years, with the revision to take effect after 60 days if they receive no objections.
Insurance Bureau Deputy Director-General Thomas Y.H. Chang remarked in a recent interview that insurance companies often collect personal data during consultations, but there was no regulation that dictated how long they could keep it.
The commission says that the amendment they made will be in compliance with the Money Laundering Control Act. However, banks are subject to different regulations and can keep their clients’ personal information for more than 5 years.
Source: Taipei Times