Irda asks insurers to submit weekly reports on settlement

Mumbai, Aug 3 | Updated: Aug 4 2005, 06:01am hrs
The Insurance Regulatory and Development Authority (Irda) asked life and non life insurers to submit weekly reports on the settlement of claims of those affected in the torrential rains in the western region, especially Mumbai.

The Authority would seek returns from all insurers on a weekly basis department wise, Irda chairman CS Rao said in a circular. The first return should reach the regulator by August 8 and the subsequent report should reach every Monday on a cumulative basis, he said.

Rao said said the Irda would like to be kept informed about the estimated amount of loss and the measures adopted by the insurance companies to ensure discharge of their policy liabilities under the insurance contracts.

Noting the extensive damage caused due to unprecedented rainfall in the western region, Irda however appreciated the pro-active stands of the insurers. All the insurers have announced steps to ensure speedy settlement of claims by setting up special cell besides waiving some of the procedural requirements in case of genuine claims, Rao said.