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Saturday, August 08, 2020

Kerala Floods: Finance minister, IRDAI ask insurers to expedite insurance claims

“In order to gauge the magnitude of the loss, all non-life insurers (including standalone health insurers) are advised to submit information relating to insurance claims in Kerala on a daily basis,” Irdai said.

By: ENS Economic Bureau | Mumbai | Published: August 18, 2018 2:57:11 am
The Insurance Regulatory and Development Authority of India (Irdai) has issued guidelines in the regard for both life and non-line insurance claims and asked them to report the progress. The Insurance Regulatory and Development Authority of India (Irdai) has issued guidelines in the regard for both life and non-line insurance claims and asked them to report the progress.

The Finance ministry has asked public sector general insurance companies and LIC to take immediate action and nominate and nominate a senior nodal officer in Kerala for expediting settlement of all the claims reported in flood-ravaged Kerala.

“Nodal officers may be appointed in each affected district to liaise with the district administration,” the Ministry said in a statement.

The Insurance Regulatory and Development Authority of India (Irdai) has issued guidelines in the regard for both life and non-line insurance claims and asked them to report the progress. “Initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously,” said Irdai’s guidelines to life insurance companies. With regard to claims involving loss of life, where difficulty is experienced in obtaining a death certificate due to non-recovery of body, Irdai has suggested the insurers that they may adopt the process followed in such situations. It also directed life insurers that “a suitably simplified process/procedure including relaxations in the usual requirements wherever feasible may be considered to expedite claims settlement” and report progress on claims settled on weekly basis every Monday.

“In order to gauge the magnitude of the loss, all non-life insurers (including standalone health insurers) are advised to submit information relating to insurance claims in Kerala on a daily basis,” Irdai said.

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