IRDAI vide circular dated 03-11-202 has issued directions for insurers to Participate in Account Aggregator (AA) Framework as Financial Information User. It is advised that FlUs from insurance sector are expected to adopt the technical specifications (Financial Information Type Schemas) published by Reserve Bank Information Technology Private Limited (ReBlT), as updated from time to time.
The FlUs in insurance sector must disclose prominently on their websites the names of the Account Aggregators through which the information is obtained. The FlUs in insurance sector shall obtain and use Financial Information that are required to perform functions specified in its respective regulatory instructions.
The FIUs in the insurance sector are encouraged to make AA related applications multilingual to make it user friendly. The FIUs in the insurance sector shall also abide by the code of conduct as specified in the IRDAI regulations/guidelines/circulars applicable to them, including redressal of grievances of the customers.