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 the Insurance Regulatory and Development Authority (IRDA).
While issuing some clarifications on the guidelines on insurance repositories and electronic issue of policies, the insurance regulator said in a circular 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.
All the guidelines would only be applicable to those insurers who have decided to issue e-insurance policies, IRDA added.