The Consent Template CT006, finalized by the Insurance Use Case Council, streamlines income verification use case during the underwriting process in the insurance industry.
| Consent Template Information / Attributes | Description / Upperbounds |
|---|---|
| Consent Template ID | CT006 |
| Status | Active |
| Use Case Category | Income verification |
| Use case | Verifying income as or on behalf of an insurer selected by an insurance seeker |
| License types considered | Insurance broker (Life), Insurer (Life), Agent (Life) |
| Purpose Text (for customers) | To verify the income as or on behalf of the insurer selected by the customer while underwriting a Life insurance policy |
| Purpose Text (as per ReBIT) | Aggregated statement |
| Purpose Code | 103 |
| Purpose Code Category Name | Financial Reporting |
| FI Types | Deposit, Recurring Deposit, Time Deposit, Mutual Funds, GSTR1-3B |
| Consent Types | Profile, Summary, Transactions |
| Fetch-type | Once |
| Maximum Frequency | NA |
| Maximum FI Data Range | 12 months |
| Maximum Consent expiry | 45 days |
| Maximum Data Life | 45 days |
| Last published: | 17th May 2024 |
Please note that the parameters of the individual consent templates in the Consent Template Library represent upper bounds for the respective use cases, as decided in the relevant User Councils. The parameters in the consent templates should be treated by participant(s) as outer limit(s) and not be construed as legal advice in any manner. Participants are encouraged to review their use case(s) and ensure compliance with applicable laws, including the RBI Master Directions on NBFC-AA and the DPDP Act.
Sahamati will publish additional consent templates as the AA ecosystem evolves based on discussions in the relevant Use Case Councils and the Fair Use Committee. Existing consent templates may also be revised based on statutory and regulatory guidance, including the DPDP Act and the Rules issued thereunder.
