IRDAI Issues New KYC Requirement Norms For Policyholders: What You Need To Know?
by Jaagruk Bharat
4 September 2024
77 Views
Insurance
IRDAI, also known as the Insurance Regulatory and Development Authority of India is the apex body for the regulation of insurance and related development rules and norms for the insurance functions and policyholders in the country. It decides how the insurance policies will work in the country and it also keeps changing the rules from time to time, as need be.
Recently, IRDAI introduced new KYC norms for insurance policyholders. Let us find out what these norms are!
Read More: How Does Life Insurance Work In India: Details That Secure Your Future
What Are The New KYC Norms Of IRDAI?
IRDAI has directed insurance companies to collect Know Your Customer (KYC) information of its existing policyholders. The insurance regulator has asked the companies to collect this data and upload it to the Central Know Your Customer Record Repository (CKYCRR).
The information that will be uploaded to CKYCRR must have been verified by the company. This direction from the IRDAI has come to increase the efficiency and speed of services provided to consumers. It also aims to increase the security and safety of financial transactions. The information has to be uploaded by 31st January 2025 to the CKYCRR.
Read More: Protect Your House With Bharat Griha Raksha Policy!
What Is CKYCRR And Why Is It Needed?
CKYCRR is a depository that has been created by the central government of India in the form of a KYC system. It will contain the information and data of policyholders and will help in the borrowing of this information by companies and government departments.
Financial transactions and matters of a person related to such as mutual funds, stocks, insurance and the National Pension Scheme will be helped by the development of the CKYCRR system.
Mutual funds and insurance companies will be able to access this information and consumer onboarding will become easier, faster and convenient. The verification of information is also very necessary to ensure the authenticity of a consumer and prevent financial crimes.
To update any KYC information, insurance companies will have to procure the KYC record held by CKYCRR and then update it.
Read More: Choosing The Right Health Insurance Policy: What You Need to Know?
What Are The New KYC Norms Of SEBI?
In light of the KYC requirement guidelines issued by different departments of the government of India, SEBI has also issued directives on the KYC requirements of the investors. SEBI has asked KRAs or KYC Registration Agencies to collect the KYC data of investors from August 1, 2024, and complete it by January 31, 2025. This will streamline the process of investing and banking altogether.
Conclusion
KYC regulations and requirements are being mandated in almost all departments to verify the identity of investors/consumers/policyholders/others. KYC will not only provide ease of engaging in transactions to the consumers but also help the authorities and government officials keep a track record of everything.
Stay updated with all the information related to New KYC Rules 2024, only with Jaagruk Bharat!
Important Links
Official website: https://irdai.gov.in/
Insurance Product List: https://irdai.gov.in/list-of-microinsurance-products
Contact Information: https://irdai.gov.in/web/guest/contact-us
irda.irdai@gov.in
Similar Articles
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Jaagruk Bharat with its team work tirelessly to bring all government schemes, Sarkari Yojanas, policies and guidelines to you in a simplified and structured format.
Our team is at the forefront of gathering, verifying and breaking all central government and state government regulations uncomplicatedly.
Our mission and vision are to make the common citizen of India aware of all government-laid-out rules and policies in a single place. Thus, we Jagruk Bharat have created an all-inclusive portal for 1.5 billion Indian citizens to understand, utilize and avail benefits of govt schemes and policies and by bringing them under one roof.
Jaagruk Bharat (जागरूक भारत) is a one stop centralised destination where you can effortlessly find, understand, and apply for various government schemes. We are committed to ensuring transparency and empowering Indian citizens. Our goal is to keep India Jagruk about government policies, the latest news, updates, and opportunities.
जागरूक भारत अपनी टीम के साथ मिलकर लगातार काम करता है ताकि सभी सरकारी योजनाओं, नीतियों और दिशानिर्देशों को सरल और व्यवस्थित तरीके से आपके सामने पेश किया जा सके। हमारी टीम केंद्रीय और राज्य सरकार के सभी नियमों और विनियमों को आसानी से इकट्ठा करने, सत्यापित करने और प्रस्तुत करने में सबसे आगे है।
हमारा मिशन और दृष्टिकोण यह है कि भारत के हर नागरिक को सभी सरकारी नियमों और नीतियों से एक ही स्थान पर अवगत कराया जाए। इसलिए, हमने जागरूक भारत के रूप में 1.5 अरब भारतीय नागरिकों के लिए एक समग्र पोर्टल तैयार किया है, जहां वे सरकारी योजनाओं और नीतियों को समझ सकें, उनका उपयोग कर सकें और लाभ उठा सकें, सभी जानकारी एक ही छत के नीचे उपलब्ध है।
जागरूक भारत (Jagruk Bharat) एक केंद्रीकृत और सुव्यवस्थित गंतव्य है, जहां आप विभिन्न सरकारी योजनाओं को आसानी से खोज, समझ, और आवेदन कर सकते हैं, जिससे पारदर्शिता सुनिश्चित होती है और भारतीय नागरिकों को सशक्त किया जाता है।
हमारा उद्देश्य है कि भारत को सरकारी नीतियों, नवीनतम समाचारों, अपडेट और अवसरों के बारे में जागरूक बनाया जाए।जागरूक भारत (Jagruk Bharat) की मदद से आपकी कठिन से कठिन समस्या का आसान समाधान होगा...
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by Jaagruk Bharat
4 September 2024
Insurance
IRDAI Issues New KYC Requirement Norms For Policyholders: What You Need To Know?
kyc norms...
irdai kyc...
kyc rules...
irdai new...
77 Views
IRDAI, also known as the Insurance Regulatory and Development Authority of India is the apex body for the regulation of insurance and related development rules and norms for the insurance functions and policyholders in the country. It decides how the insurance policies will work in the country and it also keeps changing the rules from time to time, as need be.
Recently, IRDAI introduced new KYC norms for insurance policyholders. Let us find out what these norms are!
Read More: How Does Life Insurance Work In India: Details That Secure Your Future
What Are The New KYC Norms Of IRDAI?
IRDAI has directed insurance companies to collect Know Your Customer (KYC) information of its existing policyholders. The insurance regulator has asked the companies to collect this data and upload it to the Central Know Your Customer Record Repository (CKYCRR).
The information that will be uploaded to CKYCRR must have been verified by the company. This direction from the IRDAI has come to increase the efficiency and speed of services provided to consumers. It also aims to increase the security and safety of financial transactions. The information has to be uploaded by 31st January 2025 to the CKYCRR.
Read More: Protect Your House With Bharat Griha Raksha Policy!
What Is CKYCRR And Why Is It Needed?
CKYCRR is a depository that has been created by the central government of India in the form of a KYC system. It will contain the information and data of policyholders and will help in the borrowing of this information by companies and government departments.
Financial transactions and matters of a person related to such as mutual funds, stocks, insurance and the National Pension Scheme will be helped by the development of the CKYCRR system.
Mutual funds and insurance companies will be able to access this information and consumer onboarding will become easier, faster and convenient. The verification of information is also very necessary to ensure the authenticity of a consumer and prevent financial crimes.
To update any KYC information, insurance companies will have to procure the KYC record held by CKYCRR and then update it.
Read More: Choosing The Right Health Insurance Policy: What You Need to Know?
What Are The New KYC Norms Of SEBI?
In light of the KYC requirement guidelines issued by different departments of the government of India, SEBI has also issued directives on the KYC requirements of the investors. SEBI has asked KRAs or KYC Registration Agencies to collect the KYC data of investors from August 1, 2024, and complete it by January 31, 2025. This will streamline the process of investing and banking altogether.
Conclusion
KYC regulations and requirements are being mandated in almost all departments to verify the identity of investors/consumers/policyholders/others. KYC will not only provide ease of engaging in transactions to the consumers but also help the authorities and government officials keep a track record of everything.
Stay updated with all the information related to New KYC Rules 2024, only with Jaagruk Bharat!
Important Links
Official website: https://irdai.gov.in/
Insurance Product List: https://irdai.gov.in/list-of-microinsurance-products
Contact Information: https://irdai.gov.in/web/guest/contact-us
irda.irdai@gov.in
Similar Articles
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Our Company
Home
About
T&C
Privacy Policy
Eula
Disclaimer Policy
Code of Ethics
Contact Us
Jaagruk Bharat with its team work tirelessly to bring all government schemes, Sarkari Yojanas, policies and guidelines to you in a simplified and structured format.
Our team is at the forefront of gathering, verifying and breaking all central government and state government regulations uncomplicatedly.
Our mission and vision are to make the common citizen of India aware of all government-laid-out rules and policies in a single place. Thus, we Jagruk Bharat have created an all-inclusive portal for 1.5 billion Indian citizens to understand, utilize and avail benefits of govt schemes and policies and by bringing them under one roof.
Jaagruk Bharat (जागरूक भारत) is a one stop centralised destination where you can effortlessly find, understand, and apply for various government schemes. We are committed to ensuring transparency and empowering Indian citizens. Our goal is to keep India Jagruk about government policies, the latest news, updates, and opportunities.
जागरूक भारत अपनी टीम के साथ मिलकर लगातार काम करता है ताकि सभी सरकारी योजनाओं, नीतियों और दिशानिर्देशों को सरल और व्यवस्थित तरीके से आपके सामने पेश किया जा सके। हमारी टीम केंद्रीय और राज्य सरकार के सभी नियमों और विनियमों को आसानी से इकट्ठा करने, सत्यापित करने और प्रस्तुत करने में सबसे आगे है।
हमारा मिशन और दृष्टिकोण यह है कि भारत के हर नागरिक को सभी सरकारी नियमों और नीतियों से एक ही स्थान पर अवगत कराया जाए। इसलिए, हमने जागरूक भारत के रूप में 1.5 अरब भारतीय नागरिकों के लिए एक समग्र पोर्टल तैयार किया है, जहां वे सरकारी योजनाओं और नीतियों को समझ सकें, उनका उपयोग कर सकें और लाभ उठा सकें, सभी जानकारी एक ही छत के नीचे उपलब्ध है।
जागरूक भारत (Jagruk Bharat) एक केंद्रीकृत और सुव्यवस्थित गंतव्य है, जहां आप विभिन्न सरकारी योजनाओं को आसानी से खोज, समझ, और आवेदन कर सकते हैं, जिससे पारदर्शिता सुनिश्चित होती है और भारतीय नागरिकों को सशक्त किया जाता है।
हमारा उद्देश्य है कि भारत को सरकारी नीतियों, नवीनतम समाचारों, अपडेट और अवसरों के बारे में जागरूक बनाया जाए।जागरूक भारत (Jagruk Bharat) की मदद से आपकी कठिन से कठिन समस्या का आसान समाधान होगा...
अपने हक़ को अपनाओ ! जागरूक भारत पर आओ
All Copyrights are reserved by Jaagruk Bharat