Single KYC required for e-insurance account holders

India Infoline News Service | Mumbai |

The IRDA said within seven days of submitting an application, a customer would get an e-insurance account.

The Insurance Regulatory and Development Authority (IRDA) on Friday said an e-insurance accountholder under the insurance repository system need not submit additional know your customer (KYC) documents each time a policy is bought.

At present, for every new insurance cover, a customer has to submit new KYC documents since there is no sharing of this information among insurers.
Insurance repositories have been launched to hold policies in digital or electronic form.

The five licensed insurance repositories will sign an agreement with the insurers who share the electronic data pertaining to the insurance policies with the repositories.

The IRDA said within seven days of submitting an application, a customer would get an e-insurance account.

"Both new and existing life, annuities, health and general insurance policies can all be credited to this account. However, during the initial phase, the life insurance policies would be credited to this account. The general insurance and group insurance policies would be credited subsequently," IRDA said.
 

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