Irdai asks insurers to settle claims fast in cyclone-hit areas

Insurance sector regulator Irda Tuesday directed insurers to take steps for ensuring registration of all claims and quick settlement of eligible cases in cyclone-hit areas of Odisha and neighbouring states. Cyclone Fani has resulted in the immense loss to property and to some extent lives in Odisha and the neighbouring states. In order to extend every possible facilitation in quick and timely settlement of life insurance claims, you are advised to take actions immediately, Irdai directed all the life insurers.

The Insurance Regulatory and Development Authority of India (Irdai) has asked them to initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously. "With regard to claims involving loss of life, where the difficulty is experienced in obtaining a death certificate due to non-recovery of body etc., the process followed in the case of Chennai floods in 2015 may be considered," it said.

Besides, the insurers should have a suitably simplified process/procedure including relaxations in the usual requirements wherever feasible may be considered to expedite claims settlement. It has also asked them to publicise details of offices or special camps set up for filing of claims.

Details of such public activities may be sent to the Authority, immediately, Irdai said. The insurers have also been asked to send a progress report on the claims settled for the cyclone-related deaths in Odisha and neighbouring states separately to the regulator on a daily basis.

"PMJJBY claims data need to be submitted separately while including the same in total claims," it added.

(With inputs from agencies.)