IRDAI Orders Insurers to Speed Up Assam Flood Claims
By Business Desk
IRDAI mandates insurers to expedite flood claim settlements for policyholders in four Assam districts impacted by heavy rains since July 19.
The Insurance Regulatory and Development Authority of India (IRDAI) has instructed all insurance providers to accelerate claim settlements for policyholders affected by recent floods in Assam. This directive covers life and standalone health insurers, focusing on timely relief for impacted individuals.
Understanding the Directive’s Urgency
The regulator’s move comes in response to severe weather conditions, specifically the floods and heavy rains that commenced on July 19. These events have significantly impacted residents in several of Assam’s districts, necessitating swift action.
The directive specifically targets policyholders residing in Sivasagar, Charaideo, Jorhat, and Golaghat districts. It applies broadly to all insurance providers operating in India, including both life insurers and standalone health insurers.
Streamlining the Claims Process
To facilitate efficient processing and provide immediate support, IRDAI has mandated a series of operational measures for all insurers. These steps are designed to expedite both the registration and final settlement of claims for flood victims.
Insurers must immediately deploy surveyors, loss assessors, and investigators to the affected areas. Additionally, the establishment of dedicated district-level claims desks is required to assist policyholders directly on the ground.
Operation of 24×7 helplines is also mandated to ensure continuous support and easy access for claimants. The regulator strongly encourages the use of electronic communication to speed up claim registration and settlement processes further.
This comprehensive approach by the IRDAI aims to ensure that policyholders receive their due compensation without undue delays. Such regulatory intervention is vital for financial recovery in regions severely impacted by natural calamities.