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Residence proof norms for micro-insurance products eased

Dec 30 2012, 17:12 IST
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SummaryInsurance regulator IRDA has decided to relax the requirement of written confirmation from banks as a proof of residence for micro-insurance policy seekers from remote areas.

Insurance regulator IRDA has decided to relax the requirement of written confirmation from banks as a proof of residence for micro-insurance policy seekers from remote areas.

"It has come to our notice that customers in remote areas who have limited access to banking facilities have difficulty in providing such written confirmations from banks, IRDA said in a notification.

Insurance Regulatory and Development Authority (IRDA) said it was observed the requirement of providing written confirmation from banks was "posing a hindrance to the financial inclusion measures".

In view of the same, copies of current passbook and current statement of bank accounts with full residential details would be considered as "officially valid document" towards identity and address in case of micro-insurance products, it added.

"...it is advised that written confirmation from banks need not be insisted upon," IRDA said in the notification.

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