Irdai to work with govt to create simple platform for KYC Chairman said though Aadhaar is not mandatory, it was the simplest form of KYC document
Insurance Regulatory and Development Authority of India (Irdai) on Monday said though Aadhar is not a mandatory requirement for Know Your Customer (KYC) in the insurance sector, it is the most simple form of KYC document.
"Aadhar is not mandatory for the (insurance) sector but is the most simple one. On the government level they are creating a platform for all the KYC.
"We are also working with the government for very simple KYC. But what can be simpler than a Aadhar," IRDAI Chairman T S Vijayan told reporters on the sidelines of CII's 19th Insurance Summit here.
Talking about Life Insurance Corporation's (LIC) shareholdings in listed companies, Vijayan said regulation for investment is 15 per cent, in exceptional circumstances sometimes exemptions are given to invest more.
"All the investment should be for the benefit of policy holders and investors and the companies should not be locking the money in and they should use the funds for the policy holders.