IRDAI issues Guidelines on Insurance Claims of Victims of the floods occurred in the month of August 2019 in parts of the State of Gujarat ; directs insurance companies to expedite disposal of legitimate claims

IRDAI issues Guidelines on Insurance Claims of Victims of the floods occurred in the month of August 2019 in parts of the State of Gujarat ; directs insurance companies to expedite disposal of legitimate claims

August 24, 2019 Insurance, Insurance, states 0

The Insurance Regulatory and Development Authority of India (“IRDAI”) has through a Circular dated 22nd August 2019 issued Guidelines on Insurance Claims of Victims of recent floods (August 2019) in parts of Gujarat (“Guidelines”)

These Guidelines are directed to all General Insurance Companies and Stand-Alone Health Insurance Companies advising them to take immediate steps for quick registration and disposal of legitimate claims relating to the floods.

Background:

The recent floods in Gujarat have caused an immense loss to property in the State. This has led to an urgent need for the insurance sector in the country to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of the legitimate claims.

The following are the lines on which the insurance companies are directed to speed up settlement of claims:

  • The insurance companies are directed to nominate a senior officer in the company who will be acting as a Nodal Officer for the affected State. The duty of the Nodal Officer will be to coordinate the receipt, processing and settlement of all eligible claims. The contact details of the Nodal Officer may be given to IRDAI and also may be given due publicity.
  • If there are any death claims and death certificate is difficult to obtain on account of non-recovery of body, the process specified by the Ministry of Home Affairs during the Jammu & Kashmir floods must be followed. Please refer to the attachment “Enclosure” for the detailed procedure.
  • The details of offices and special camps set up for the purpose and other relevant details may be publicized on the insurance company website, media and through State Government channels to enable the filing of the claims.
  • All claims must be surveyed immediately and claim payments or account payments must be disbursed at the earliest and must not exceed the stipulated time line.
  • There must be adequate number of surveyors engaged immediately in the affected areas.
  • Extensive awareness campaigns must be launched which will highlight the measures taken by the insurance companies.
  • Information related to the insurance claims made must be submitted to the IRDAI on a daily basis in the prescribed format.

Source: Insurance Regulatory and Development Authority of India

Share this:

About the author

Lexplosion:

0 Comments

Would you like to share your thoughts?

Your email address will not be published. Required fields are marked *

Leave a Reply