A holder of HDFC Life Personal Pension Plan requested IRDA to give approved documents of the Plan & detailed product filing - IRDA denied the information u/s 8(1)(d) - CIC: Provide the terms & conditions approved by IRDA in respect of the Pension Product

ORDER

1. The appellant Shri Shantaram Walavalkar submitted RTI application dated 25.02.2015 to the Central Public Information Officer, Insurance Regulatory & Development Authority of India (IRDA), Hyderabad seeking information regarding the HDFC Life Personal Pension Plan with UIN number 101N008V01 single and regular premium versions along with copy of detail product filing of HDFC Life Personal Pension Plan and approved version if different.

2. The CPIO vide letter dated 13.12.2015 denied the information under the provisions of Section 8(1)(d) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information including commercial confidence, trade secrets or intellectual property, the disclosure of which would harm the competitive position of a third party, unless the competent authority is satisfied that larger public interest warrants the disclosure of such information; Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information including commercial confidence, trade secrets or intellectual property, the disclosure of which would harm the competitive position of a third party, unless the competent authority is satisfied that larger public interest warrants the disclosure of such information; of the RTI Act as the information sought related to commercial confidence, trade secrets or intellectual property. Dissatisfied with the response of the CPIO the appellant filed an appeal on 17.03.2015 before the first appellate authority (FAA). Vide order dated 16.04.2015 while upholding the decision of the CPIO, the FAA held that the product filed by a life insurer with the IRDA under file and use, contains actuarial calculations, assumptions, business projections, profit margins etc. The information, thus involves commercial confidence, trade secrets and intellectual property of the third party. The FAA further held that discontinuation of a specific product did not lessen the circumstances which place the information under the said exemption.

3. Thereafter, dissatisfied with the response of the respondents, the appellant filed the instant appeal on 25.04.2015 before the Commission.

4. The matter was heard by the Commission. The appellant stated that he holds HDFC Life Personal Pension Plan single and regular premium versions. He repeatedly requested the IRDA to give approved documents of HDFC Life Personal Pension Plan and detailed product filing of single premium and regular premium versions. The respondents denied the information seeking exemption u/s 8(1)(d) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information including commercial confidence, trade secrets or intellectual property, the disclosure of which would harm the competitive position of a third party, unless the competent authority is satisfied that larger public interest warrants the disclosure of such information; Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information including commercial confidence, trade secrets or intellectual property, the disclosure of which would harm the competitive position of a third party, unless the competent authority is satisfied that larger public interest warrants the disclosure of such information; of the RTI Act in view of commercial confidence, trade secrets and intellectual property of third party. He stated that once the product is approved by the IRDA then it is open to the public. The company is not disclosing all terms and conditions regarding this product to the customers. The IRDA had also not put this product details on their website. The respondents reiterated that the appellant sought the file and use application of HDFC Pension Product along with all the correspondence between HDFC Standard Life Insurance Co. and IRDA in respect of the said product. The insurer who is carrying out life insurance business had to make application (called file and use application) to IRDA for product approval. Only on approval from IRDA, the insurer may launch and offer such product for sale. The file and use application document contains information regarding the pricing assumptions and other information which is solely pertaining to the insurer. Since the file and use application is of highly confidential nature, it could not be disclosed in the public domain. They further added that IRDA gave premium table and approval letter of the same product to the appellant in October 2013 in response to his other RTI application.

5. Having considered the submission of the parties, the Commission finds no reason to intervene with the decision of the respondents. The CPIO is, however, directed to provide the terms and conditions as approved by the IRDA in respect of the HDFC Pension Product to the appellant within seven days of receipt of this order. . The appeal is disposed of.

(Manjula Prasher)

Information Commissioner

Citation: Shri Shantaram Walavalkar v. Insurance Regulatory & Development Authority of India in Case No. CIC/MP/A/2015/901053