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Life and general insurers must use the Aadhaar e-KYC authentication facility for client identification and authentication. Insurers obtain client details from UIDAI only with the consent of the client on a voluntary basis. Insurers perform verification through biometric authentication or through a one-time password received on the mobile number or email address registered with UIDAI. Insurers treat the downloaded information as sufficient information for KYC verification. Insurers complete additional due diligence if they observe a material difference in the name or if the photograph in Aadhaar is not clear. Insurers maintain records of KYC information as per PML Rules, 2005.
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Ref: IRDA/SDD/CIR/MISC/204/08/2017
31st August, 2017
To Life and General Insurers (Including Standalone Health Insurers)
Sub: Clarification on Aadhaar based e-KYC
Authority vide circular dated 21st October, 2013 and AML Master Circular dated 28th September, 2015 allowed Aadhaar based e-KYC service offered by UIDAI for KYC verification.
It is hereby clarified that for accessing the details of the client from UIDAI for identification and authentication shall be with the consent of the client on a voluntary basis.
UIDAI has issued Aadhaar (Authentication) Regulations, 2016 inter alia prescribing the procedure for e-KYC authentication of Aadhaar Number.
In view of the above Regulations, Insurers shall perform the verification of the client through "e-KYC authentication facility" provided by UIDAI i.e. authentication through biometric authentication (fingerprint or iris scanning) and/or through One Time password (OTP) received on client's mobile number or on e-mail address registered with UIDAI.
The information downloaded from UIDAI shall be considered as sufficient information for the purpose of KYC verification.
In case material difference is observed either in the name or photograph in Aadhaar is not clear, the Insurer shall carryout additional due diligence and maintain a record of the additional documents sought pursuant to such due diligence.
The records of KYC information so received shall be maintained by the Insurers as per PML Rules, 2005 (amended from time to time) and the Authority's Circular/Guidelines on AML/CFT.
This circular is issued in exercise of the powers conferred under Section 14 (1) of the IRDA Act, 1999.
[Image omitted. See the official document.]
A. Venkateswara Rao General Manager (SDD)
