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IRDAI Order – Constituting Task Force on KYC

IRDAI vide Reference No IRDAI/GA&HR/ORD/CMT/105/5/2023 dated May 15, 2023, has issued an order constituting a Task Force to facilitate ease of doing KYC.

Objective of the Task Force:

Insurance companies are facing various issues in doing KYC of the customers at the point of onboarding, claims and servicing of policies. To address the same and to facilitate other services by using ADHAAR, IRDAI has constituted a task force with an intent to facilitate ease of doing KYC.

Scope of work of the Task Force:

  • Suggesting measures for ease of on boarding customers, fraud management at claims and underwriting stages using ADHAAR.
  • Suggesting measures to facilitate eKYC and off-line KYC by insurance companies and intermediaries.
  • Suggesting measures to be taken for tracing customers and beneficiaries
  • Facilitating insurers access to national death registry using ADHAAR and access to Bank account details of the policyholders by linking ADHAAR.
  • Facilitating pay out to policy holders using ADHAAR payment bridge.
  • Suggesting measures which will help insurance companies to store ADHAAR of it’s policy holder
  • Suggesting measures for linking ABHA id with ADHAAR
  • Facilitating access of Annuity Life Certificate (Jeevan Praman) by insurers etc.

Task force Members:

  • Member (F&I), IRDAI – Chairperson
  • Ms. P. Sangeetha, DDG, UIDAI, Regional Office, Hyderabad – Member
  • Ms. Vibha Padalkar, CEO, HDFC Life Insurance Company Ltd. – Member
  • Mr. Tapan Singhal, CEO, Bajaj Allianz General Insurance Company Ltd – Member
  • Mr. Mayank Bathwal, CEO, Aditya Birla Health Insurance Company Ltd – Member
  • Executive Director (Life), IRDAI – Member
  • Chief General Manager (Health), IRDAI – Member
  • Chief General Manager (Non-Life), IRDAI – Member
  • Secretary General, Life Insurance Council – Member
  • Secretary General, General Insurance Council – Member
  • Team InsurTech – Convener

The task force shall submit its report within one month of notification i.e., by June 15, 2023.

Source category: IRDAI

Attachments

  • /2023/201_Task_Force_on_ease_of_doing_KYC.pdf

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