In an important instruction to insurance companies, regulator IRDAI said that they will now have to upload the verified KYC information of existing policyholders to the website of Central Records Registry (CKYCRR). The step has been taken to increase transparency and security of financial transactions.

At the same time, Sebi has also directed KYC Registration Agencies (KRAs) to upload KYC information of Capital Market Investors to CKYCRR by January 31, 2025, from August 1, 2024. Under this, if insurance companies receive any update information in the KYC record of the existing policyholder from CKYCRR, they will have to get the KYC record from CKYCR and update it.

CKYCRR is a KYC system that can be used in all financial transactions, such as banks, mutual funds, stocks, insurance, and NPS. With this move of IRDAI, mutual fund distributors and insurance agents will be able to use each other’s CKYC data, making the process of customer onboarding simpler and faster.