An IRDA circular issued on Wednesday says that the Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 mandatory for availing financial services, including insurance, and also for linking the existing policies with the same.
“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,” the circular says.
Although no deadline has been given by the insurance regulator indicating by when this process has to be completed, but the language of the circular suggests that the linking has to be done as soon as possible. Some insurers also said that this may also delay the payout in some cases where the linking of one’s Aadhaar number with insurance policies can’t be done immediately.
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