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The Insurance Regulatory and Development Authority of India extends the deadline for insurers to upload the status of KYC related details for insurance policies issued up to 31st March 2016 onto the iTrex server. Insurers must complete the upload by 20th April 2016. Insurers must upload the details by this date to receive the benefit of KYC-originator where multiple insurers or sources complete the KYC. Insurers must also move to the Web service platform for policies issued after 31st March 2016.
What you must do
Key dates
Who is affected
Thresholds
If you do not comply
Ask about this circular
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
6th April, 2016
Ref: IRDA/INT/CIR/INSRE/066 /04/2016
Circular
Re: Extension for uploading of status of KYC related details for Insurance Policies on Insurance Transactions Exchange (iTrex).
This refers to the Authority's circular ref: IRDA/INT/CIR/INSRE/032/02/2016 dated 20th February, 2016 and a letter (Ref: IRDA/INT/2015/6) dated 29th March, 2016 requesting uploading the status of KYC related details for Insurance Policies up to 31st December, 2015 on the iTrex server at IIB by 31st March, 2016.
From the submission made, it is observed that as many as 10 companies have uploaded status of KYC related details of insurance policies to the extent of 100% of their records. Much of the progress has happened in the past few days.
It may be appreciated that the iTrex will not only facilitate aggregating data across Insurers but also help in identifying duplicates within the Insurers as is evident in the ongoing exercise. It is imperative to complete this exercise and make it up-to-date at the earliest. Data relating to KYC related details of insurance policies upto 31st March, 2016 also needs to be captured at an early date. For policies issued subsequent to 31st March, 2016, it is proposed to make the upload possible by Web Service.
To facilitate the above, uploading the status of KYC related details for insurance policies issued upto 31st March, 2016 on to the iTrex server is extended upto 20th April, 2016. It may kindly be noted that further extension of time is not in the interest of Insurance industry and would delay the rollout of benefits of the initiative further. It is also therefore planned to take a review on a daily basis with the Industry.
[Image omitted. See the official document.]
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
It may also be noted that where KYC is done by multiple insurers/sources, the benefit of KYC-originator can be provided to only those who upload the requisite information by 20th April, 2016. As such Insurers should upload the details sought by that date and move to the Web service platform which is proposed to be rolled out shortly.
Should there be any need for assistance/clarification, you may contact Shri Sanjay Kumar Verma, Deputy Director, IRDAI (sanjay@irda.gov.in - 8096396395) or Shri Srikanth Pokkuluri, Head-IT, IIB (srikanth.pokkuluri@iib.gov.in - 8008947272).
[Image omitted. See the official document.]
(Sriram Taranikanti) Executive Director
