INSURANCE
IRDAI asks insurers to settle claims quickly in flood-hit areas of Karnataka
Aug-21-2018

Insurance Regulator IRDAI has asked insurers for immediate registration and settlement of eligible claims in the flood affected districts of Karnataka, including Kodagu. IRDAI had last week asked insurers to set up special camps and make immediate payments against insurance claims in flood-ravaged Kerala.

The companies have been asked to nominate one senior officer to act as nodal officer who would be coordinating/expediting the settlement of all eligible claims in Karnataka. IRDAI further said that in order to gauge the magnitude of the loss, all non-life insurers (Including Standalone Health Insurers) are advised to submit information relating to insurance claims in Karnataka on a daily basis.

Life insurance companies have been asked to initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously. “It has come to our notice that some of the districts of Karnataka including Kodagu have suffered severe flooding and loss of lives and property. Therefore, it has been decided by the Competent Authority to extend the applicability of (circular with regard to Kerala) to the flood affected districts of state of Karnataka too as declared by the state government” IRDAI’s circular to life insurance companies. Life insurers have been asked to file separate progress report for Karnataka on weekly basis.


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