North East Delhi Riots: IRDAI issues guidance note for insurance companies

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Published: March 5, 2020 6:29 PM

IRDAI has come out with a guidance note for all general, life and stand-alone-health insurance companies that issued insurance policies in the riots affected areas in North East Delhi.

North East Delhi riots, irdai, insurance policies, general insurance companies, health insurance companiesThe IRDAI has issued a set of instructions to insurers.

The riots in North East Delhi during the last week of February 2020 have had a serious impact on people, property and business in North East Delhi. The Insurance Regulatory and Development Authority of India (IRDAI) has come out with a guidance note for all general, life and stand-alone-health insurance companies that issued insurance policies in the riots affected areas in North East Delhi. In this situation, all insurers have been advised by the insurance regulator to act immediately for fair and speedy settlement of claims.

The IRDAI has issued the following instructions to Insurers:

a. To nominate a Senior Officer who would act as a nodal officer for Delhi State, who would be coordinating or facilitating the settlement of all the claims that are reported in the affected areas.

b. To publish in the press and through State Government, the contact details of offices/special arrangements set up for this purpose.

c. To initiate immediate steps for quick registration of claims.

d. To engage an adequate number of surveyors immediately in the affected areas to ensure that all claims are promptly assessed expeditiously and payments of claims/on account payments are disbursed within 15 days.

e. To create an extensive awareness campaign in the affected areas duly highlighting the measures taken.

Also, in order to gauge the magnitude of the loss, all General, Life, Stand-Alone-Health Insurers have been asked to submit information relating to insurance claims related to North-East Delhi Riots on a weekly basis in a specific format.

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