Linking Insurance policy with Aadhaar is mandatory
The Insurance Regulatory and Development Authority of India today said that linkage of 12-digit Aadhaar number to insurance policies mandatory requirement under the prevention of money laundering rules for existing and new policies.
“The Authority clarifies that linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017,
Context: Last month, the Reserve Bank of India had clarified that linking Aadhaar Card with bank accounts is mandatory. In June, the government had made Aadhaar mandatory for opening bank accounts. Also, for all financial transactions of Rs. 50,000 and above, RBI had said Aadhaar will be mandatory.
Fact sheet: There are 54 insurance companies, which include four non-life, one life and one reinsurance company in the public sector. In addition, there are two government-owned insurers for exports and agriculture. In the private sector; there are 23 life insurers, 18 general insurers, and five health insurance companies.
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