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Insurers to collect Aadhaar of agents to remove duplications

Monday, July 17, 2017

Regulator Irda has asked insurance companies to collect Aadhaar, the 12-digit unique identity, of their agents for creation of an online database in order to eliminate duplications. The Insurance Information Bureau of India (IIB) will house the database.

The regulator said the creation of the database started with the issuance of Point of Sales person guidelines. The purpose was de-duplication of POS enrolled by insurers and insurance intermediaries, said the Insurance Regulatory and Development Authority of India (Irda).

Therefore, the Aadhaar number was taken as the unique identifying field to remove duplication, it said. Going forward, the regulator said, it was viewed that the same logic could be extended to insurance agents and trained and qualified persons of insurance intermediaries that would include broker, qualified persons with Aadhaar number as the unique identifying field.

Further, Irdai is of the view that such a portal should be developed and housed in IIB as it has successfully demonstrated the understanding and capabilities in developing the POS portal. The IIB has been asked to develop the portal for uploading the Aadhaar number and other details of insurance agents on the lines of POS, the Irda said.

"The insurers are therefore advised to collect the same so as to be ready to upload the necessary information on the date to be communicated by the Authority in due course," it said. The portal will also be available to insurance intermediaries.

Govt again asks GIs to follow prudent underwriting norms
Despite the government asking the state-run general insurers to strictly follow underwriting norms, the insurers preparing for IPOs feel they will take at least two more years to start making underwriting profits.

Recently the department of financial services wrote to the CMDs of all the state-run non-life insurers to protect the interests of their policy-holders, continue to be effective players in the market on a long-term basis and to ensure that their unhealthy underwriting practices do not cause unnecessary financial strain on their financial stability.

"It's desirable that prudent underwriting practices suggested in government advisories are followed strictly," the government told the companies in the letter. The four state-owned general insurers are The New India Assurance Co Ltd, United India Insurance Co Ltd, The Oriental Insurance Co Ltd and National Insurance Co Ltd.

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