India: Aadhaar must for Insurance policies to prevent money laundering: IRDA

126

November 9,2017

The Insurance Regulatory and Development Authority (IRDA) of India on 8th November, 2017, announced that linkage of Aadhaar number to insurance policies is mandatory requirement under the prevention of money laundering rules for existing as well as for new policies. “IRDA clarifies that linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017. These Rules have statutory force and, as such, life and general insurers (including standalone health insurers) have to implement them without awaiting further instructions,” said IRDA in a circular.