Insurance Regulatory and Development Authority of India (IRDAI) on 8 November 2017 announced that the linkage of Aadhaar number with insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017.
In June 2017, the Union Government notified the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017.
The Rules make Aadhaar and PAN/Form 60 mandatory for availing financial services including insurance and also for linking the existing policies with the same.
At present, there are 24 life insurance companies and 33 general insurers (including standalone health insurance firms) operating in the country.
• IRDAI is an autonomous apex statutory body that regulates and develops the insurance industry in India.
• It was constituted by Parliament of India vide Insurance Regulatory and Development Authority Act, 1999.
What: Stated by IRDAI
When: 8 November 2017