Kerala Floods: Guidelines Issued For Speedy Settlement Of Insurance Claims

Kerala Floods: Guidelines Issued For Speedy Settlement Of Insurance Claims

The Insurance Regulatory and Development Authority of India(IRDAI) has issued guidelines for speedy settlement of insurance claims of victims of recent floods in Kerala.

By a circular dated August 17, the insurers have been directed to take immediate action to ensure that all reported claims of life insurance are registered and eligible claims are settled expeditiously.

With regard to  claims where difficulty is faced in obtaining death certificate due to non-recovery of body, the insurers have been advised to adopt the procedure followed in case of 2014 Jammu & Kashmir floods which was also followed in 2015 Chennai floods. The insurers have been urged to follow a suitably simplified procedure including relaxations in usual requirements wherever feasible to expedite settlement of claims.

A similar circular has been issued for dealing with non-life insurance claims. The insurers have been asked to set up special camps/offices for claims' settlement, and to give wide publicity about their details in print and electronic media. The details regarding measures adopted in that regard are to be informed to the IRDA by the insurers. They are also advised to appoint a senior officer who would act as a Nodal Officer for the State, who would be co-ordinating/expediting the settlement of all eligible claims that are reported in Kerala. Adequate number of surveyors are also to be deployed in each district.

In order to gauge the magnitude of the loss, all non-life insurers (Including Standalone Health Insurers) were advised to submit information relating to insurance claims in Kerala on a daily basis, in the prescribed format.

Read the Circulars