IRDAI website down, users unable to access site

The website of the Insurance Regulatory and Development Authority of India (IRDAI) appears to be down, with users unable to access it on August 21.

This happened a day after the firm directed insurance companies to upload verified Know Your Customer (KYC) details of their existing policyholders to the Central KYC Records Registry (CKYCRR) website, on August 20.

This step is part of a larger effort to enhance transparency and ensure the security of financial transactions across multiple sectors.

The CKYCRR functions 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 allows them to access and utilize each other's CKYC data, making the onboarding process quicker and more efficient.

Simultaneously, the Securities and Exchange Board of India (SEBI) has instructed KYC Registration Agencies (KRAs) to upload the KYC information of capital market investors to 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 by IRDAI and SEBI is anticipated to streamline the KYC process, improve efficiency for financial institutions, and strengthen the security of customer data.