INSURANCE
IRDAI mandates insurers to upload KYC records of existing policyholders to CKYCRR's website
Aug-23-2024

In bid to improve transparency and to provide security for financial transactions, Insurance Regulatory and Development Authority of India (IRDAI) has directed insurance companies to upload Know Your Customer (KYC) records of existing policyholders to the website of Central KYC Record Registry (CKYCRR). 

The Central KYC Record Registry, which started operating from 2016, caters to Reporting Entities (REs) of all four major regulators of financials sector i.e. RBI, SEBI, IRDAI & PFRDA. As on March 31, 2023, CKYCRR hosts more than 70 crore KYC records and the growing number of KYC Records downloaded by REs from CKYCRR signify the benefit and ease this repository has provided to the REs and their customers.

Meanwhile, Securities and Exchange Board of India (Sebi) has also directed KYC Registration Agencies (KRAs) to integrate their systems with the Central KYC Records Registry by January 31, 2025 from August 1, 2024. 

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