KYC mandatory for buying general insurance policies

 

 

 

Recently Insurance Regulatory and Development Authority (IRDA) issued directives to all the general insurers in the country to comply Know Your Customer (KYC)norms of all the customers with effect from January 2023.

For the same insurers have to obtain self attested copies of proof of identity and proof of address. If the proof of identity contains proof of address also, it will be sufficient.

This is one time exercise. Motor Third Party (Act)/Comprehensive (Package) Insurance, Fire Insurance, Personnel Accident Insurance, Mediclaim Insurance, Householders Insurance are the policies commonly purchased by the customers. General Insurance Employees’ Union, Western Zone appealed all the customers of public sector industry to carry self attested copies of proof of identity and address also, like Aadhar card / driving licence/ passport/ voter ID issued Election Commission of India and latest colour photograph at the time of buying / renewing any general insurance policy to avoid inconvenience.

Earleir, Know Your Customer documents were not mandatory for buying general insurance policies such as health insurance, auto insurance, and travel insurance policies. It is important to note that as PAN card dose not contains address, it can be used as proof of identity only, said Prashant Dixit, General Secretary, General Insurance Employees’ Union, Western Zone.