Regulator Irdai has permitted usage of OTP or one time password for opening e-insurance account (eIA) as an alternative to electronic signature.
As part of its ongoing effort to improve insurance penetration, the Insurance Regulatory and Development Authority of India (Irdai) has also permitted e-KYC facility offered by UIDAI which provides the unique Aadhaar numbers.
Irdai said as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner it has taken number of steps, including insurance e-commerce, issuance of electronic insurance policies, and maintenance of electronic records. Insurers and other stakeholders had approached the regulator seeking clarity on some of the issues related to guidelines.
