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Industry Specific - Insurance Central Insurance Regulatory Development Authority Insurance Act, 1938

Participation in Account Aggregator (AA) Framework as Financial Information User

03-Nov-2023 | IRDAI/I&AT/CIR/MISC/194/11/2023

Insurance Regulatory and Development Authority of India (IRDAI) has issued a Circular regarding Participation in Account Aggregator (AA) Framework as Financial Information User. The key points are:

Financial Information Users (FIUs) in the insurance sector are advised to adopt the technical specifications (Financial Information Type Schemas) published by Reserve Bank Information Technology Private Limited (ReBIT), which will be updated periodically.

The Financial Information provided by Financial Information Providers (FIP) should not be used or disclosed by FIUs, except as specified in the consent artefact.

FIUs in the insurance sector must prominently disclose on their websites the names of the Account Aggregators through which the information is obtained.

FIUs in the insurance sector should obtain and use Financial Information as required to perform functions specified in their respective regulatory instructions.

It is encouraged for FIUs in the insurance sector to make AA-related applications multilingual to enhance user-friendliness.

FIUs in the insurance sector are also required to abide by the code of conduct specified in the IRDAI regulations, guidelines, and circulars applicable to them, including the redressal of customer grievances.

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