New Delhi: Insurance regulator IRDAI (The Insurance Regulatory and
Development Authority) on Wednesday said linkage of the unique identity number
(UID) or Aadhaar with insurance policies is mandatory and asked insurers to
comply with the statutory norms.
“The Authority clarifies that,
linkage of Aadhaar number to Insurance Policies is mandatory under the
Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules,
2017,” IRDAI said.
The government in June had notified
the Prevention of Money Laundering (Maintenance of Records) Second Amendment
Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial
services including insurance and also for linking the existing policies with
the same.
In a communication to all life and
general insurance companies, IRDAI said the rules have “statutory force” and as
such they have to implement them without awaiting further instructions.
Commenting on the communication, MD
and CEO of ICICI Lombard Bhargav Dasgupta said it is a progressive and logical
step towards creating a unified platform for financial services and at the same
time promote the government’s digitisation agenda.
“While there may be some short term
challenges to overcome, we see significant long term benefits in terms of
preventing frauds and streamlining the KYC process,” he said.
There are 24 life insurance
companies and 33 general insurers (including standalone health insurers)
operating in the country.
Source: NDTV
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