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Aadhaar KYC rules can be followed for e-insurance: IRDA

The KYC norms being followed by UIDAI can be adopted by insurers while issuing insurance policies in electronic mode

July 23, 2013 3:12 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) said that only those insurers who have tied-up with a licensed insurance repository can issue a policy in the electronic form on the request of a customer.

The know your customer (KYC) norms being followed by the Unique Identification Authority of India (UIDAI) can be adopted by insurers while issuing insurance policies in electronic mode, according to IRDA.

Insurance repository should upfront declare the list of insurers with whom the insurance repositories is having a tie up with service level agreement (SLA) so that the customer is fully informed, the IRDA said in a circular on 18th July.

The demographic and identity related information obtained from e-KYC process put in place by UIDAI (Unique Identification Authority of India) should be considered as fulfilling the KYC norms prescribed by the IRDA, it added.

All the guidelines would only be applicable to those insurers who have decided to issue e-insurance policies, IRDA added.

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