In an effort to digitalize insurance, IRDAI has mandated insurance companies and intermediaries such as agents and brokers who sell insurance policies online through insurance self-network platforms (ISNP) to issue e-insurance account to their policyholders within 15 days.
Currently, insurers and agents who sell insurance through e-commerce website have to register themselves with IRDAI as insurance self-network platform (ISNP).
In a circular issued today, the insurance regulator has warned insurance companies and agents to comply with the guidelines within the stipulated period to avoid penalty.
The insurance regulator has further clarified that only Aadhaar is sufficient for KYC verification to open an e-insurance account. However, the insurance companies and intermediaries will have to obtain consent from policyholders to undertake eKYC through Aadhaar. Also, the e-PAN facility offered by NSDL will no longer be valid to complete KYC verification, it added.