IRDAI issues clarification on linking of Aadhaar with insurance policies

Mar 21, 2018 | by Avantis RegTech Legal Research Team

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Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated March 20, 2018 on directions of Hon’ble Supreme Court of India has extended the deadline of linking Aadhaar till the matter is finally heard and the judgment is pronounced.

In view of the order of the Hon’ble Supreme Court of India, the insurers are advised as under:

·       For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and the judgment is pronounced by Hon’ble Supreme Court of India.

·       For new insurance policies, client is allowed six months from the date of commencement of account based relationship to submit the Aadhaar Number and PAN/Form 60 to the reporting entity i.e. the insurers. In absence of Aadhaar, client shall submit any of the “Officially Valid Document” as mentioned in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (as amended from time to time).




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