IRDAI issues Circular stating that Aadhaar Card is allowed as one of the acceptable documents for KYC

Jan 30, 2019 | by Avantis RegTech Legal Research Team


On January 29, 2019, the Unique Identification Authority of India (UIDAI), based on the opinion of the Learned Attorney General of lndia vide Circular passed on October 23, 2018, has clarified that Aadhaar card as well as e-Aadhaar, masked Aadhaar and offline electronic xml provided by UIDAI can be accepted as an Officially Valid Documents for KYC purpose.

UIDAI advised the insurers that Aadhaar and PAN / Form 60 from the proposer/policyholder is not a mandatory document to become a part of KYC. Insurers may accept Aadhaar card as one of the document for establishing  identity and / or address of the proposer or policyholder for KYC.

It will be the responsibility of the insurers that all the conditions are followed. Those are:

·         The proposer/policyholder voluntarily offers Aadhaar card as one of the documents for KYC purpose like physical copy of e-Aadhaar, masked Aadhaar and Offine Aadhaar XML. However, the insurers will under no circumstance do the authentication either using e-KYC facility or Yes/No authentication facility of UIDAI.

·         The first 8 digits of the Aadhaar number are properly/appropriately masked.

·         The last 4 digits of the Aadhaar number of any individual should be stored by the insurers in physical or digital form.

[Ref: IRDAI/SDD/CIR/MISC/020/01/2019]

URL: https://www.irdai.gov.in/ADMINCMS/cms/Circulars_Layout.aspx?page=PageNo3723


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