North India floods: Irdai asks insurance firms to settle claims quickly
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The Insurance Regulatory and Development Authority of India (IRDAI) has asked all general insurance and standalone health insurance companies to mobilise all resources to ensure immediate service response including engaging the services of investigators, surveyors and loss adjustors for quick settlement of claims arising out of the havoc created by the floods in Northern parts of the country.
The regulator said insurers have been advised to communicate the nomination of a Senior Executive in each affected State / UT to the Chief Secretary/ Officer concerned of the State immediately.
“Districts reporting large numbers of claims to be overseen by a designated District Claims Service Head. The insurers [should] give wide publicity on the contact details of these officers in their websites and also in the media,” IRDAI said in a statement.
Insurers have been advised to assist the claimants through their 24x7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the earliest.
IRDAI said insurers should encourage policyholders to use electronic communication wherever possible for correspondence.
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