Linking insurance policy with Aadhaar is mandatory now

“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,” the IRDAI said in a statement on Wednesday.

Insurance Regulatory and Development Authority of India (IRDAI), on Wednesday, said linking insurance policies with Aadhaar 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,” the IRDA said in a statement.
 
As per the regulator, Government of India had, in June, 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.
 
“These rules have statutory force and, as such, life and general Insurers (Including standalone health insurers) have to implement them without awaiting further instructions,” IRDAI said.
 
According to reports, there are 24 life insurance companies and 33 general insurers (including standalone health insurance firms) operating in the country.
 
Source: Media reports

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