New Delhi: The government on Wednesday (August 19) allowed 24 insurance companies to sell their policy after collecting Aadhaar card details of the buyers. The move is understood to aim at checking the laundering of funds into insurance firms and shell companies.
The decision is likely to help these insurance companies to perform in real-time and do e-KYC. This would also reduce the cost of transaction.
According to the notification, "In exercise of the powers conferred by sub-section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central government on being satisfied that the reporting entities mentioned in the Table below comply with standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act 2016 (18 of 2016) and it is necessary and expedient to do so, and after consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016."
"The Insurance Regulatory and Development Authority of India hereby notifies the reporting entities specified in the Table below to undertake Aadhaar authentication service of the Unique Identification Authority of India under section 11A of the Prevention of Money-laundering Act, 2002," the notification added.
The Insurance firms allowed to sell policy are:
1. Aditya Birla Health Insurance Co. Limited
2. Aviva Life Insurance Co. India Limited
3. Bajaj Allianz General Insurance Company Limited
4. Bharti AXA General Insurance Company Limited
5. Cholamandalam MS General Insurance Co Ltd
6. TATA AIA Life Insurance Co Ltd
7. TATA AIG General Insurance Company Limited
8. United India Insurance Co Limited
9. Universal Sompo General Insurance Co Ltd
10. LIC of India
11. Magma HDI General Insurance Company Limited
12. Max Bupa Health Insurance Company Limited
13. National Insurance Company Limited
14. Navi General Insurance Limited (Formerly known as DHFL General Insurance Limited)
15. Raheja QBE General Insurance Company Limited
16. Reliance General Insurance Company Limited (RGICL)
17. Shriram General Insurance Company Limited
18. Star Health and Allied Insurance Co Ltd.
19. Edelweiss General Insurance Company Limited
20. Go Digit General Insurance Limited
21. ICICI LOMBARD General Insurance Company Limited
22. IFFCO TOKIO General Insurance Company Limited
23. Liberty General Insurance Limited
24. Oriental Insurance Company Ltd