The Insurance Regulatory and Development Authority of India (IRDAI) on November 03, 2023, issued a notification regarding Participation in the Account Aggregator Framework as a Financial Information User.
This has a reference to the IRDAI circular ref: IRDA/IID/CIR/MISC/229/11/2022 dated November 14, 2022, and Master Direction - Non-Banking Financial Company—Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016 issued by Reserve Bank of India (RBI) vide ref. DNBR.PD.009/03.10.119/2016-17 on the participation of insurers in the Account Aggregator (AA) framework
The following has been stated namely: -
• it is advised that FIUs from the insurance sector are expected to adopt the technical specifications (Financial Information Type Schemas) published by Reserve Bank Information Technology Private Limited (ReBIT), as updated from time to time.
• The Financial Information provided by Financial Information Provider (FIP), shall not be used or disclosed by FlUs except as may be specified in the consent artifact.
• The FIUs in the insurance sector must disclose prominently on their websites the names of the Account Aggregators through which the information is obtained.
• The FIUs in the insurance sector shall obtain and use Financial Information that is required to perform functions specified in respective regulatory instructions.
• The FIUs in the insurance sector shall also abide by the code of conduct as specified in the IRDAI regulations/guidelines/circulars applicable to them, including redressal of grievances of the customers.
[Notification No. IRDAI/I&AT/CIR/MISC/194/11/2023]
