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Insurance regulator IRDAI permits companies to conduct video KYC

Life and general insurance companies can now use video KYC to onboard customers and verify their documents, in light of the pandemic. This follows recent relaxations that allowed general insurance companies to collect electronically signed documents instead of hard copies of policy documents and proposal for new customers. The RBI had in January amended its KYC norms to allow banks and lending companies to use video-based customer identification. Either the insurer or a person it authorises can perform KYC: The video KYC will have to be done by the insurer or a person it has authorised, who is specifically trained for face-to-face video based verification. The circular also says that "the audio-visual interaction shall be triggered from the domain of the insurers itself, and not from third party service provider". The activity log of the official carrying out KYC has…

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