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The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to settle claims faster in the wake of cyclone Fani.
In its guidelines on settlement of claims issued on Tuesday, the regulator has directed insurance companies to initiate immediate action to ensure that all reported claims are registered and the eligible are settled expeditiously.
“A suitably simplified process, including relaxations in the usual requirements wherever feasible, may be considered to expedite claims settlement,” the regulator said in the circular.
With regard to claims involving loss of life, where difficulty is experienced in obtaining death certificate due to non-recovery of body, the process followed in the case of Chennai floods in 2015 may be considered.
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