Insurance Policy KYC Rules: If you have taken an insurance policy, then the insurance companies must do this work..

Insurance Policy KYC Rules: Insurance regulator IRDAI has given an important instruction to insurance companies. Now insurance companies will have to upload the verified KYC information of existing policyholders to the Central Records Registry (CKYCRR). This step has been taken to increase the transparency and security of financial transactions.

Information has to be uploaded by January 31
At the same time, SEBI had also directed KYC Registration Agencies (KRAs) to upload the KYC information of Capital Market Investors in CKYCRR by January 31, 2025, from August 1, 2024. Under this, if insurance companies receive any updated information in the KYC record of the existing policyholder from CKYCR, then they will have to get the KYC record from CKYCR and update it.

What is CKYCRR?
CKYCRR is a KYC system that can be used in all financial transactions, such as banks, mutual funds, stocks, insurance, and NPS. This move by IRDAI will enable mutual fund distributors and insurance agents to use each other's CKYC data, making the process of customer onboarding simpler and faster.