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The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to expedite settlement of all registered and eligible life insurance claims related to Kerala floods. In a directive to the insurers issued on Friday, the regulator asked them to initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously.
“As a result of the heavy rains and floods, there are reports of loss of human lives and loss of belongings in Kerala. In order to extend every possible facilitation in quick and timely settlement of life insurance claims, the directions have been issued,” it said.
Loss of life claims
With regard to claims involving loss of life, where difficulty is experienced in obtaining a death certificate due to non-recovery of body, the process followed in the case of Chennai floods in 2015 may be considered. A suitably simplified process/procedure, including relaxations in the usual requirements wherever feasible, may be considered to expedite claims settlement.
The details of offices/special camps set up for the purpose may be publicised in the press and electronic media to enable immediate filing of claims.
“Details of such publicity activities may be sent to the authority immediately. Progress report on the claims settled for the State of Kerala should be submitted on Monday for data up to the last working day of the previous week,” it said. PMJJBY claims data must be submitted separately while including the same in total claims.
With regard to non-life claims, general insures need to nominate a senior officer who would act as a nodal officer for the State. He would be co-ordinating/expediting the settlement of claims. The officer should ensure that claims are surveyed immediately, and claim payments/on account payments disbursed early. Adequate number of surveyors must be engaged immediately in the flood-affected districts.
In order to gauge the magnitude of the loss, all non-life insurers (including standalone health insurers) should submit information relating to insurance claims in Kerala on a daily basis.
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