Upload KYC info in registry from Jul 15: IRDAI to insurers

Regulator IRDAI today asked insurers to start uploading customer details in the central registry from July 15 onwards, as part of larger efforts to have a common KYC system for the financial sector.
Government has authorised the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI) to maintain the Central KYC Records Registry (CKYCR). The functions include receiving, storing, safeguarding and retrieving the KYC records in digital form of a client.
"CERSAI has finalised KYC template for individuals and Operating Guidelines for uploading KYC records by reporting entities to CKYCR."
"All the pre-requisites for operationalisation of CKYCR are in place to start CKYCR by July 15, 2016," IRDAI said in a notification.

Life insurers should upload KYC records only in respect of individual policyholders where policies are completed on or after July 15, it said.
"General Insurers (including standalone Health Insurance Companies) should upload KYC records for claims settled in respect of individual policyholders on or after July 15, 2016. Legal entities would be covered after finalisation of KYC templates for legal entities," it said.
According to the regulator, insurers are advised to upload the KYC records to CKYCR from July 15 onwards, wherever KYC is carried out as per the guidelines.
A centralised depository is aimed at ensuring that banks and financial institutions avoid multiplicity in terms of KYC-related information each time a customer avails any financial product.