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Insurers to maintain policyholders’ records for 5 years: IRDA

Insurers and agents are also required to maintain the records of all transactions for five years from the date of transaction

May 28, 2013 2:01 IST | India Infoline News Service
The IRDA (Insurance Regulatory and Development Authority) advised insurers to maintain records of customers and beneficiaries for five years after termination of business relationship.

"The record of documents evidencing identity of customers and beneficial owners as well as account files and business correspondence relating to the customer shall be maintained for at least a period of five years after the business relationship with the customer has ended," IRDA said in a circular on Monday.

Insurers and agents are also required to maintain the records of all transactions for five years from the date of transaction.

The new guidelines are in line with the changes in the Prevention of Money Laundering (Amendment) Act, 2012.

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