Amphan Cyclone: IRDAI Asks Insurers To Hasten Settlement Of Claims
Money & Banking
The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurers to hasten settlement of claims pertaining to the cyclone Amphan.
In a circular, it said there were reports of loss of human lives and loss of belongings in the cyclone-affected districts, primarily in West Bengal and Odisha.
It also wreaked havoc in Odisha, damaging power and telecom infrastructure.
“Initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously,” the regulator said.
As per the circular, insurers have to nominate a senior officer to act as a nodal officer in the State concerned to liaise with the State administration to facilitate identification of policyholders among the deceased due to the cyclone.
With regard to claims involving loss of life, where difficulty is experienced in obtaining a death certificate due to non-recovery of body, it asked the insurers to follow the process as in the case of the Chennai floods in 2015.
“A suitably simplified process/procedure including relaxations in the usual requirements wherever feasible may be considered to expedite claims settlement,” the circular said.
With a view to adhering to the Covid-19 pandemic and limiting direct/indirect social contact, insurers have been advised to encourage their policyholders/claimants to adopt e-modes, wherever possible for correspondence.
The staff must be duly sensitised to deal with policyholders/claimants with empathy and concern, it added.
The insurance companies have also been asked to file State-wise progress reports on claims settled on weekly basis.
Published on
May 25, 2020
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The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurers to hasten settlement of claims pertaining to the cyclone Amphan.
In a circular, it said there were reports of loss of human lives and loss of belongings in the cyclone-affected districts, primarily in West Bengal and Odisha.
It also wreaked havoc in Odisha, damaging power and telecom infrastructure.
“Initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously,” the regulator said.
As per the circular, insurers have to nominate a senior officer to act as a nodal officer in the State concerned to liaise with the State administration to facilitate identification of policyholders among the deceased due to the cyclone.
With regard to claims involving loss of life, where difficulty is experienced in obtaining a death certificate due to non-recovery of body, it asked the insurers to follow the process as in the case of the Chennai floods in 2015.
“A suitably simplified process/procedure including relaxations in the usual requirements wherever feasible may be considered to expedite claims settlement,” the circular said.
With a view to adhering to the Covid-19 pandemic and limiting direct/indirect social contact, insurers have been advised to encourage their policyholders/claimants to adopt e-modes, wherever possible for correspondence.
The staff must be duly sensitised to deal with policyholders/claimants with empathy and concern, it added.
The insurance companies have also been asked to file State-wise progress reports on claims settled on weekly basis.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
Sincerely,
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