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Consent of clients must to use Aadhaar for e KYC

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Consent of clients must to use Aadhaar for e KYC
The Insurance Regulatory and Development Authority of India (Irdai) has said insurance companies can access details of policyholders provided by the Unique Identification Authority of India (UIDAI) only with their consent.

“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 onavoluntary basis,” it said.UIDAI had issued the Aadhaar (Authentication) Regulations, 2016, prescribing the procedure for eKYC (Know Your Customer) authentication of Aadhaar number.

Irdai has said insurers should perform the verification of clients through eKYC authentication facility provided by UIDAI. This has to be done through biometric authentication (fingerprint or iris scanning) and/or through onetime password received on clients´ mobile number or on the email address registered with UIDAI.

The information provided by the UIDAI will be considered sufficient for KYC verification.“Eventually, Irdai will think of making eKYC mandatory for identification of policyholders, as the Securities and Exchange Board of India and banks are also contemplating the same.

But, they have to make sure that privacy of the policyholders is not compromised,” said Ashvin Parekh, managing partner of Ashvin Parekh Advisory Services.Meanwhile, Irdai has directed all general insurers to participate in Lok Adalats.

This comes on the back of Tripura high court´s observations regarding nonparticipation or unsatisfactory participation of nonlife insurers in such Adalats.

The Business Standard, New Delhi, 02nd September 2017

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