IRDAI extends deadline for insurance policies until SC decides the matter

The Insurance Regulator and Development Authority of India decision to indefinitely extend the March 31 deadline comes in wake of the Supreme Court order.

IRDAI extends deadline for insurance policies until SC decides the matter

New Delhi: Following the Supreme Court ruling last week, the insurance regulator IRDAI extended the deadline for linking 12-digit unique identity number Aadhaar with existing insurance policies. Insurers (both general and life) have been asked to extend the deadline 'indefinitely' till the matter is finally heard and the judgement is pronounced. 

The Supreme Court in Writ Petition (vide order dated March 13) extended the deadline of linking Aadhaar till the matter is finally heard and the judgement is pronounced.

The Insurance Regulator and Development Authority of India (IRDAI) decision to indefinitely extend the March 31 deadline comes in wake of the Supreme Court order.

"For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and the judgement is pronounced by Hon'ble Supreme Court of India," the insurance regulator said in a circular to insurers.

In case of new insurance polices, the regulator said the policy buyer is allowed six months from the date of commencement of account based relationship to submit the Aadhaar number and PAN/Form 60 to the insurer.

"In absence of Aadhaar, client shall submit any of the officially valid document as mentioned in the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005," said the insurance regulator.

As per norms, Non-Resident Indian policyholders are not required to surrender their policy for not having Aadhaar number.

In absence of Aadhaar, NRI/Persons of Indian Origin/Overseas Citizens of India too can submit any of the officially valid documents as per the PMLA.

Earlier, the deadline to link Aadhaar with bank accounts and other financial services like insurance was March 31, 2018. 

Last year in July, the Modi government had amended the Prevention of Money Laundering Rules (2005) making Aadhaar mandatory for every financial transaction of Rs 50,000. 

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