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Bank passbook and bank statements are valid docs to establish identity and address proof, IRDA clarifies

ANTI-MONEY LAUNDERING/ COUNTER-FINANCING OF TERRORISM (AML/CFT) - GUIDELINES FOR INSURERS

CIRCULAR NO. IRDA/SDD/MISC/CIR/158/08/2013, DATED 8-8-2013

Attention is drawn to Annexure I of the Master Circular 2010 on AML/CFT guidelines - Circular Ref: IRDA/F&I/CIR/AML/158/09/2010 dated 24th September, 2010 and subsequent modification thereto vide Circular Ref: IRDA/SDD/MISC/Cir/261/12/2012 dated, 27th December, 2012.
2. The Authority had vide circular dated 27th December, 2012 stipulated:
"Current passbook with details of permanent/present residence address (updated upto the previous month) and Current Statement of bank account with details of permanent /present residence address (as downloaded) were considered as officially valid document towards both identity and address wherein written confirmation from banks need not be insisted upon in case of micro insurance products"

3. The Authority, hereby, extends the above said provision to all the insurance products (and not limited to micro insurance products) whereby the above referred documents may be considered as Proof of Address (PoA) and also Proof of Identity (Pol) provided they are supported by officially valid documents carrying photograph, issued by any regulated entity/Government, like debit card, credit card, kisan card etc.
The above requirement shall be implemented with immediate effect.

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