IRDA wants to kick-start the service with 23 life insurance companies.
IRDA is planning to announce a uniform tariff for all insurers who want to take advantage of the uniform KYC service that will soon be launched. The regulator has taken such a decision to avoid irregular practises in the industry, said an official aware of the development.
A procedure for developing the uniform KYC service is currently being put in place. IRDA is trying to form a central agency that will maintain the records of all policy holders. Existing customers will then have to provide only their respective folio number when buying any new policies.
“The selected registration agency will take some time before it comes up with a uniform KYC as the data needs to be standardised. This development will serve the industry well in running smoothly,” said an official from CAMS.
The regulator wants to kick-start the service with 23 life insurance companies. Six agencies are currently being considered for the central KYC registration position: National Securities Depository (NSDL), Central Securities Depository (CSDL), Karvy Consultant, Cams, SHCIL and Life Insurance Corporation.
Also Read: New initiatives planned on the distribution and product fronts in life insurance