The website of the Insurance Regulatory and Development Authority of India (IRDAI) appears to be down and users are unable to access it on August 21.
This came a day after the firm directed insurance companies to upload verified Know Your Customer (KYC) details of their existing policyholders on the Central Registry of KYC Records (CKYCRR) website on August 20.
This step is part of a broader effort to improve transparency and ensure the security of financial transactions across multiple sectors.
CKYCRR operates as a centralized KYC system applicable to various financial transactions such as those involving banking, mutual funds, stocks, insurance and the National Pension System (NPS).
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated the use of CKYCRR to streamline the customer onboarding process for both insurance agents and mutual fund distributors. This enables them to access and use each other’s CKYC data, making the onboarding process faster and more efficient.
At the same time, the Securities and Exchange Board of India (SEBI) has directed KYC Registration Agencies (KRAs) to upload KYC information of capital market investors on CKYCRR by January 31, 2025. This directive, effective from August 1, 2024, is in line with IRDAI’s efforts to integrate KYC data across different financial sectors.
Insurance companies must also update their KYC records whenever they receive new information from CKYCRR.
This initiative of IRDAI SEBI is expected to streamline the KYC process, improve the efficiency of financial institutions and strengthen the security of customer data.
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