Page 25 - Life Insurance Today OCTOBER 2017

Circular

IRDAI Circular

Clarification on Aadhaar based e-KYC 7. The records of KYC information so received shall be
maintained by the Insurers as per PML Rules, 2005
Ref. No: IRDA/SDD/MISC/CIR/204/08/2017 (amended from time to time) and the Authority's

Date: 31-08-2017 Circular/Guidelines on AML/CFT.

1. Authority vide circular dated 21st October, 2013 and 8. This circular is issued in exercise of the powers
AML Master Circular dated 28th September, 2015 conferred under Section 14 (1) of the IRDA Act, 1999.
allowed Aadhaar based e-KYC service offered by UIDAI
for KYC verification. A. Venkateswara Rao

General Manager (SDD)
2. It is hereby clarified that for accessing the details of
the client from UIDAI for identification and
authentication shall be with the consent of the client Clarifications on Guidelines on insurance
on a voluntary basis. e-commerce and electronic issuance of
insurance policies
3. UIDAI has issued Aadhaar (Authentication) Regulations,
2016 inter alia prescribing the procedure for e-KYC Ref. No: IRDA/ BRK/ CIR/ INSRE/ 211/ 09/ 2017
authentication of Aadhaar Number.
Date: 07-09-2017
4. In view of the above Regulations, Insurers shall
The Authority as part of its developmental mandate and to
perform the verification of the client through "e-KYC
reach out to the policyholders in a cost efficient manner
authentication facility" provided by UIDAI i.e.
authentication through biometric authentication has taken number of steps. This includes issuing revised
(fingerprint or iris scanning) and/or through One Time guidelines on insurance repositories, insurance e-
password (OTP) received on client's mobile number or commerce, issuance of electronic insurance policies,
on e-mail address registered with UIDAI. maintenance of electronic records, etc.

5. The information downloaded from UIDAI shall be The Authority has been approached by various stakeholders
considered as sufficient information for the purpose of seeking clarity on some of the issues surrounding these
KYC verification. guidelines. Looking into the issues raised by the
stakeholders the Authority issues the following clarifications
6. In case material difference is observed either in the pertaining to revised guidelines on Insurance Repositories
name or photograph in Aadhaar is not clear, the Insurer and electronic issuance of insurance policies dated
shall carry out additional due diligence and maintain 29.05.2015.
a record of the additional documents sought pursuant
to such due diligence. I. Revised guidelines on Insurance Repositories

Life Insurance Today October 2017 25

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