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IRDAI asks life insurers for expeditious settlement of claims in flood-hit areas

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IRDAI on Wednesday requested life insurance coverage corporations to take rapid motion for expeditious settlement of claims in flood-affected areas of Andhra Pradesh, Telangana, Maharashtra and Karnataka. As a results of latest havoc created by heavy rainfall and floods, there are stories of lack of human lives and belongings within the affected districts of Andhra Pradesh, Telangana, Maharashtra and Karnataka, it stated in a round.

In order to increase each attainable facilitation for fast and well timed settlement of life insurance coverage claims, it requested the insurers to appoint a senior-level official for appearing as a nodal officer within the state. The officer would liaise with the state administration to facilitate identification of policyholders among the many deceased because of floods.

The Insurance Regulatory and Development Authority of India (IRDAI) additional stated the nodal officer ought to contact the chief secretary or the officer involved of the state instantly and be in common contact thereafter.

“Initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously,” the round to life insurers stated.

With regard to claims involving lack of life the place problem is skilled in acquiring a death certificates because of non-recovery of physique, insurers have been requested to think about the method adopted within the case of 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 regulator stated.

Life insurers have additionally been requested by IRDAI to encourage and inspire their policyholders/claimants to undertake e-modes wherever attainable for correspondence whereas intimating the declare and the process for submitting all of the related paperwork in wake of COVID-19.

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