IRDAI Forms Task Force to Facilitate Ease of Doing KYC Using Aadhaar

Current Context: IRDAI (Insurance Regulatory and Development Authority of India) has formed a task force to facilitate ease of doing KYC (Know Your Customer) by insurers using Aadhaar, the 12-digit individual identification number.

• The task force has been asked to suggest measures to ease the onboarding of customers using Aadhaar, and to develop safeguards for preventing frauds at underwriting and claims stages.
• It has also to suggest measures for improving the traceability of customers and beneficiaries to reduce unclaimed amounts of policyholders. The task force has been asked to submit its report within one month.

Question:

Q.1 What is the name of the regulator that has formed a task force to facilitate ease of doing KYC using Aadhaar?
a. RBI
b. SEBI
c. IRDAI
d. TRA