According to the Insurance Regulatory and Development Authority of India (IRDA), the linkage is mandated under the "Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017".
"These rules have statutory force and, as such, life and general insurers (including standalone health insurers) have to implement them without awaiting further instructions," IRDA said in a statement.
The central government notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 on June 1, 2017, making Aaadhar and PAN mandatory for availing financial services including insurance and also for linking the existing policies with the same.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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