Expedite claim settlement from flood-hit Assam, IRDAI tells insurers
The IRDAI has directed insurance companies to expedite the settlement of claims for flood-affected residents in four districts of Assam. Insurers are urged to mobilize resources, set up special claims desks, and use electronic communication to assist policyholders quickly.
Why it matters
This regulatory intervention is crucial for the financial recovery of individuals and businesses impacted by natural disasters.
The Insurance Regulatory and Development Authority of India (IRDAI) has instructed insurers, including life and standalone health insurers, to settle claims arising from the flood impact in four districts of Assam at the earliest.
Advising insurers to mobilise all resources for ensuring immediate service response, the insurance regulator said floods triggered by heavy rain resulted in widespread loss of lives, property (homes and businesses) and infrastructure in the Sivasagar, Charaideo, Jorhat and Golaghat districts of the State.
Besides directing the insurers to engage the services of Surveyors, Loss Adjustors and Investigators for quick settlement of the claims, IRDAI wanted the companies to communicate the nomination of a senior executive to the Chief Secretary immediately. Districts reporting large numbers of claims are to be overseen by a designated District Claims Service Head.
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