INSURERS ACTING AS REGISTRARS TO UIDAI
CIRCULAR NO. IRDA/ SDD/CIR/MISC/70/04/2013, DATED 4-4-2013
The Unique Identification Authority of India (UIDAI) created to issue a unique identification number (Aadhaar) to residents of India authorize/recognize ‘Registrars’ to enroll individuals for Aadhaar. We note that currently UIDAI has primarily engaged with State Governments, Central Ministries and public sector organizations to act as Registrars. As per the information available with the Authority, in the insurance sector only Life Insurance Corporation of India (LIC) is registered as Registrar with UIDAI.
All insurers are advised to take note that while preparing the financial statements in compliance with the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, Income/expense arising out of enrolment process of Aadhaar by the insurers acting as Registrars to UIDAI shall henceforth, be disclosed as a separate line item under the Profit & Loss Account. Income shall be shown under the major head of ‘Other Income’ and expenses shall be show below the line item “Expenses other than those directly related to the insurance business”.
This circular is effective from the financial year 2012-13.
