IRDA asks insurance companies to furnish information on terrorists
Kolkata | Wednesday, Nov 18 2009 IST
 

In a bid to combat terrorism in India, the Insurance Regulatory and Development Authority (IRDA) has issued circular to all the insurance companies to furnish information regularly to the Financial Intelligence Unit (FIU) about a customer who is a terrorist suspect. FIU is the Central agency under Union Finance Ministry responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions.

Talking to reporters here, HDFC Standard Life Insurance Company Ltd principal officer and executive director Paresh Parasnis said, ''IRDA, the body which regulates the insurance sector in the country, has provided a list containing names and details of terrorists to all the insurance companies last week and asked them to provide details to FIU every month on whether they have a customer, who is a terrorist.'' ''In the USA and some European countries it is mandatory for the insurance companies to furnish detailed information regarding their customers to intelligence agencies regularly to impose a check on terrorism, but this is the first time in India that the IRDA has issued a circular on such a thing,'' he added.

The FIU, set up on November 2004, is an independent body reporting directly to the Economic Intelligence Council(EIC) headed by the Union Finance Minister.

-- (UNI) -- 18CA28.xml

 

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