As per the IRDAI guidelines, all motor insurance sectors including car insurance will have to follow KYC (Know Your Customer) procedures, beginning from 1st January 2023. IRDAI mandates Digital KYC, Aadhaar-based KYC, CKYC and Video KYC as accepted forms of performing this procedure.
With an increase in insurance-related frauds such as money laundering, all car insurance companies will have to compulsorily perform KYC (Know Your Customer) checks on every policyholder.
The IRDAI has laid separate KYC norms for individuals and judicial persons that every insurer must follow while performing KYC procedures. These norms are:
IRDAI has mandated the following KYC methods for the insurer. A car insurance company can perform any of the following KYC procedures:
Following are the officially valid documents required for the KYC of the individuals:
These guidelines by IRDAI have been introduced as “Master Guidelines” with an aim to curb money laundering and terrorist financing in the insurance business. These guidelines will be applicable for all insurance sectors except re-insurance business performed by the Indian Insurance company or foreign companies in India.
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