Just login to your online(cloud) identity safe once and take a backup of the data in .DAT format.(Toolbar->Identity safe->Options->Export)
Then logout of the profile and logout of the Norton Account too.
Then just click on Configure button pertaining to Identity safe setup in Settings UI and enter a local vault password in the fields provided.
But make sure, the check box at the bottom of that page which says "Store data online" is unchecked and click on setup.
After this, in the settings window which gets opened after new local profile creation, click on import and select the backup file and click on import. Your local identity safe is now ready for use.