From The Economic Times · PTI · · 1m 30s
Sebi Requests IRDAI to Add Insurance Details to Investor Statements
Sebi urges IRDAI to include insurance policy details in investor financial statements for better transparency.
In brief
Sebi urges IRDAI to include insurance policy details in investor financial statements for better transparency. Sebi has written to IRDAI to add insurance policy information to Consolidated Account Statements so investors can track all financial assets. Originally reported by The Economic Times.
Sebi writes to IRDAI
Sebi Chairman Tuhin Kanta Pandey said the market regulator has written to the insurance sector watchdog IRDAI to explore including investors' protection policy information in the Consolidated Account Statement.
Expanding CAS Scope
The move aims to expand CAS beyond securities market investments to create a comprehensive financial ledger covering stocks, mutual funds, bank deposits, pension savings and insurance policies.
RBI Supports CAS Expansion
Earlier this month, the Reserve Bank of India said it will facilitate Sebi-regulated depositories to include bank deposit information in CAS.
Account Aggregator Framework
Sebi is working to facilitate the inclusion of bank deposit information in eCAS through the Account Aggregator framework to help investors obtain a more comprehensive view of their financial assets.
Interoperability Benefits
Interoperability among Account Aggregators would enable investors to access and share financial information more seamlessly without being constrained by contractual relationships between financial institutions.
Insurance Information Integration
Insurance information could be added to the framework subject to necessary arrangements and customer consent, while existing CAS data on demat holdings, mutual funds and stocks is already available.
Sebi's Regulatory Review
Sebi is undertaking a comprehensive review of the LODR framework to make it more contemporary and streamlined while improving transparency and accountability.
What matters most
Sebi has written to IRDAI to add insurance policy information to Consolidated Account Statements so investors can track all financial assets.
