Settle cyclone claims early, IRDAI tells general, health insurers

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The Insurance Regulatory and Development Authority of India (IRDAI) has advised general and standalone health insurers to ensure that all eligible claims, of policyholders, pertaining to Tauktae and Yaas cyclones are expeditiously settled.

“There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims,” the regulator said, issuing guidelines to the insurers. Directing them to nominate a senior officer, at the company level, as a nodal officer for the affected States to coordinate receipt, processing, and settlement of all eligible claims, IRDAI highlighted the need for expeditious measures.

“It needs to be ensured that all claims are surveyed immediately and claim payments/on account payments are disbursed at the earliest and in any case not exceeding the stipulated time-line,” a circular said.

The regulator wanted the insurers to engage adequate number of surveyors immediately as well as launch extensive awareness campaign highlighting measures taken by the companies. In view of the pandemic, the insurers should encourage policyholders to use electronic communication wherever possible for correspondence, while intimating the claim and filing all the relevant documents. Also, efforts should be made to ensure that digital processes are resorted to the extent possible for assessment of claims, the Authority said.

The advisory to the general and health insurers follows the May 28 communication to life insurers in which the regulator had asked them to consider a “suitably simplified process/procedure, including relaxations in the usual requirements, wherever feasible” for expediting settlement of the claims arising due to the cyclones.

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Printable version | Jul 25, 2021 8:35:42 AM |

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