Insurance companies allowed to do KYC through Aadhaar Authentication

Insurance Regulatory and Development Authority of India

To facilitate general public to easily fulfil Know Your Customer (KYC) norms while availing insurance services, IRDAI has recommended for allowing insurance companies to avail Aadhaar Authentication Services of the Unique Identification Authority of India. Central Government has permitted, vide Gazette notification dated April 23, 2020, some of the insurance companies to undertake the Aadhaar authentication services.

The interested customers / policyholders / claimants may avail paperless KYC services in coming days from the following insurance companies:

Government notifies list of 29 reporting entities to undertake Aadhaar authentication service under Section 11A of PMLA

MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 23rd April, 2020

G.S.R. 262(E). In exercise of the powers conferred by sub-section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government on being satisfied that the reporting entities mentioned in the Table below comply with standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act 2016 (18 of 2016) and it is necessary and expedient to do so, and after consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 and the regulatory authority, namely the Insurance Regulatory and Development Authority of India, hereby notifies the reporting entities specified in the Table below to undertake Aadhaar authentication service of the Unique Identification Authority of India under section 11A of the Prevention of Money-laundering Act, 2002, namely:

TABLE

[F. No. P-12011/4/2019-ES Cell-DOR]
RITVIK PANDEY, Jt. Secy.