The Financial Service Authority  has issued administrative decision imposing financial penalty on Vipul Better Care Management and Services LLC which is licensed to act as health insurance third party administrator  for failing  to provide  the required protection  for  its electronic systems and lack of means to retrieve data and information in the event of loss for any reason in violation of Article 17 of the regulation for carrying out health insurance claims administration issued vide decision No. 34/2020.

Article 17 of the regulation provides that the licensed company shall provide the required protection for the electronic system and secure the data and information from hack by any unauthorized person and to put in place methods for data and information retrieval in case of loss for whatever reason as well as taking the required measures for emergencies or system failure or technical glitch to ensure business continuity and efficient operation.

FSA emphasizes it will continue implementation of the applicable regulations of the insurance sector to ensure full compliance with the laws to enhance consumers’ confidence and the sector’s stability.