Left Menu
Development News Edition

Irdai slaps Rs 5 lakh penalty to United India for violating norms in motor claims


Irdai slaps Rs 5 lakh penalty to United India for violating norms in motor claims
The inspection covered settlement of motor claims by the insurer during 2009-10 and 2010-11, Irdai said. (Image Credit: Twitter)

Regulator Irdai Friday slapped a penalty of Rs 5 lakh on United India Insurance Co for violating norms regarding the settlement of motor claims. The Insurance Regulatory and Development Authority of India (Irdai) in an order said it had received a few complaints against the general insurer settling lesser amounts than the insured declared value in case of motor vehicle total loss/theft claims.

Irdai had conducted an on-site inspection of the insurer from November 8-9, 2012 and on January 11, 2013, on settlement of motor (own damage) total loss/theft claims cases. The inspection covered settlement of motor claims by the insurer during 2009-10 and 2010-11, Irdai said.

"The company has violated the provisions of general regulation while settling motor claims," said one of the charges levelled by the regulator on the insurer. The insurer also violated file and use guidelines issued by the Authority, Irdai said in its second charge.

"After considering all the factors, I am of the opinion that charges 1 and 2 relating to total loss/constructive total loss claims stand confirmed and the samples given stand testimony to this. "Simultaneously, certain lacunae in compliances by the claimants have also been observed...I hereby conclude that a penalty of an amount of Rs 5 lakh is imposed on the insurer," said the order signed by Irdai member (non-life) P J Joseph.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

Report: Falcons to pick up QB Schaub's 2020 option

The Atlanta Falcons are expected to pick up quarterback Matt Schaubs 2 million option for 2020, NFL Networks Tom Pelissero reported Monday. Schaub, 38, has been Matt Ryans backup for the past three seasons in Atlanta. He completed 50 of 67 ...

Colombia court poised to make historic abortion ruling

A top court in Colombia is set to rule on whether women can seek legal abortions during the first 16 weeks of pregnancy, a highly anticipated decision in a region with some of the worlds strictest reproductive rights laws.Abortion in Colomb...

Canada government seeks to broaden law on medically assisted death

Canadas Liberal government on Monday proposed broadening a 2016 law on medically assisted death to include for the first time people who were not in immediate risk of dying. Ottawa made the announcement after a court in the province of Queb...

After a Four Seasons breakfast, Harvey Weinstein heads to dank New York jail

Harvey Weinsteins day began with expensive coffee and Acqua Panna mineral water at a breakfast meeting with his lawyers in a Four Seasons hotel near Manhattans criminal courts.It is due to end at New Yorks violence-plagued Rikers Island jai...

Give Feedback