IRDAI urges insurers to settle Cylcone Nivar claims expeditiously

December 02, 2020 08:45 pm | Updated 08:45 pm IST - HYDERABAD

Insurance regulator IRDAI has advised general and standalone health insurers to take steps for expeditious settlement of claims pertaining to the Nivar cyclone.

The regulator had issued a set of guidelines to the insurers, including asking them to nominate a senior officer at the company level who would act as a nodal officer for the affected States and coordinate the receipt, processing, and settlement of all eligible claims.

The insurers were told to ensure that all claims were surveyed immediately and claim payments/on account payments disbursed at the earliest and in any case not exceeding the stipulated time-line. They were also asked to engage adequate number of surveyors immediately besides launching extensive awareness campaign highlighting the measures taken by the insurance company.

IRDAI chief general manager (non-life) Yegnapriya Bharath said Cyclone Nivar, last month, had caused loss to property in some parts of the country. There was 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, she said in a circular.

In view of COVID-19 pandemic, insurers should encourage policyholders to use electronic communication wherever possible for correspondence while intimating the claim and filing all the relevant documents. Efforts should be taken to ensure that digital processes were resorted to the extent possible for assessment of claims, IRDAI said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.