New Delhi:
Insurance regulator IRDA has asked insurance companies to cease the policies of persons whose identity matches the profile of those listed in the UN list of terrorists or organisations involved in terror funding.
"In case any matching records are identified, insurance companies shall immediately (freeze policies) and in any case within 24 hours of identifying a match, inform full particulars of the insurance policies to ministry of home affairs," IRDA said in a communication to all insurers.
The RBI and SEBI have already issued similar guidelines to prevent money laundering and terror funding to banks and stock exchanges.
The UN list contains the name of various terrorist and terror organisations, including underworld don Dawood Ibrahim, who has been accused of funding the activities of banned terror outfit Al Qaeda.
IRDA has also asked insurance companies to maintain an updated list of individuals and entities in electronic form and run a check on a regular basis to ensure they are not holding policies. The insurers, it said, should also file suspicious transaction reports with the Financial Intelligence Unit-India.
IRDA further said it would appoint a nodal officer to implement the recommendation of Financial Action Task Force on combating financing of terror.
"In case any matching records are identified, insurance companies shall immediately (freeze policies) and in any case within 24 hours of identifying a match, inform full particulars of the insurance policies to ministry of home affairs," IRDA said in a communication to all insurers.
The RBI and SEBI have already issued similar guidelines to prevent money laundering and terror funding to banks and stock exchanges.
The UN list contains the name of various terrorist and terror organisations, including underworld don Dawood Ibrahim, who has been accused of funding the activities of banned terror outfit Al Qaeda.
IRDA has also asked insurance companies to maintain an updated list of individuals and entities in electronic form and run a check on a regular basis to ensure they are not holding policies. The insurers, it said, should also file suspicious transaction reports with the Financial Intelligence Unit-India.
IRDA further said it would appoint a nodal officer to implement the recommendation of Financial Action Task Force on combating financing of terror.
