In a draft exposure released on 2 September, the Insurance Regulatory and Development Authority of India (Irdai) proposed to make e-verification of know-your-customer (KYC) details simpler for customers buying insurance online (http://bit.ly/2crzpHA ). It proposes to amend the e-insurance policy issuance regulations that came out in June and become effective from October by allowing authentication by a one-time password (OTP) as well.
“The draft has proposed to recognise electronic signature not just through Aadhaar but from any database that can verify policyholder’s KYC details. E-signature replaces the need for both wet signatures and KYC,” said S.V. Ramanan, chief executive officer, CAMS Insurance Repository Services Ltd.
Currently, only e-authentication using Aadhaar e-KYC services is recognised in the form of an e-signature.
