IRDAI vide Circular bearing no. IRDAI/I&AT/CIR/MISC/194/11/2023 dated November 03, 2023 has informed about the participation in Account Aggregator Framework (AAF) as Financial User. Further, reference can be drawn to IRDAI Circular bearing no. IRDAI/IID/CIR/MISC/229/11/2022 dated November 14, 2022 along with the Master Direction (MD) – NBFC – AA (Reserve Bank) Directions, 2016 bearing no. DNBR.PD.009/03.10.119/2-16-17 dated September 02, 2016 issued by RBI on participation of Insurers in the AAF.
Para 3(1)(xii) of the RBI MD defines Financial Information User (FIU) as under:
“Financial information user means an entity registered with and regulated by any financial sector regulator.”
In light of the above, FIUs from Insurance sector shall do the following:
- Need to adopt the technical specifications (Financial Information Type Schemas) published by RBI Technology Private Limited.
- Shall not use or disclose the FI, as defined in Para 3(1)(ix) of the RBI MD, provided by Financial Information Provider (FIP), as specified in the consent artefact.
- Disclose on their websites the names of the AA through which information is obtained.
- Obtain and use FI that are required to perform functions specified in its respective regulatory instructions.
- Encourage to make AA related applications multilingual to make it user friendly.
- Abide by the code of conduct as specified, which shall include grievance redressal of customers.
- Comply with all regulatory provisions/guidelines/circulars.
Source category: IRDAI
Attachments
- /2023/300_Participation_in_Account_Aggregator_Framework_as_Financial_Information_User.pdf
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