NON-LIFE FIRMS GET A BREATHER ON KYC NORMS

The Insurance Regulatory and Development Authority (IRDA) has relaxed anti-money laundering norms for general insurance companies on the grounds that non-life contracts are less susceptible to abuse. From now on, Know Your Customer (KYC) norms will be applied only at the settlement stage for policies where claims payout or premium refund exceeds Rs. 1 lakh.