Kumari Palany & Co

IRDAI mandates Aadhar linking for insurance policies

Posted on: 09/Nov/2017 2:43:56 PM
On Wednesday, IRDAI mandated linking unique identity number Aadhar with all insurance policies. All the insurers are also requested to abide by the statutory norms.
According to the Prevention of Money-laundering (Maintenance of Records) Second Amendment, Rules, 2017, it is mandatory to link Aadhar number with Insurance policies, says IRDAI sources (Insurance Regulatory and Development Authority).
In June, the government had announced about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017 where it made Aadhar and PAN or Form 60 compulsory for getting all kinds of financial services including that of insurance, and also to link the existing policies with these.
IRDAI said these rules have got statutory force, as they need to be implemented without any delay.
The MD and CEO of ICICI, Lombard Bhargav Dasgupta, in his comment for the same, said this is a progressive and logical step for creating unified platform to offer financial services. The governments digitalization can also be promoted with the same, he adds.
There however are going to be temporary challenges which when tackled can lead us to significant benefits for preventing fraudulence and streamline the entire KYC process.
The country totally has about 24 life insurance and 33 general insurers functional.

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