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IRDAI has asked insurance companies to start sharing financial information with account aggregators.
The insurance regulator said, “It is advised that financial information users from insurance sector are expected to adopt the technical specifications published by Reserve Bank Information Technology.”
Account aggregators offer financial data-sharing framework for investors and regulated financial entities. The inclusion of insurance in the account aggregator ecosystem can impact the way agents, mutual fund distributors and other intermediaries service their clients as they will have access to a lot more information.
Here are a few things that insurers will have to keep in mind:
- Disclose the list of account aggregators insurers are associated with
- Insurers can use only information that are required to perform functions
- Insurers will have to make AA application in multilingual format
- Financial information users in insurance will have to abide by code of conduct specified by IRDAI