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IRDAI asks life insurers for expeditious settlement of claims in flood-hit areas

IRDAI asks life insurers for expeditious settlement of claims in flood-hit areas

Finance
IRDAI on Wednesday asked life insurance companies to take immediate action for expeditious settlement of claims in flood-affected areas of Andhra Pradesh, Telangana, Maharashtra and Karnataka. As a result of recent havoc created by heavy rainfall and floods, there are reports of loss of human lives and belongings in the affected districts of Andhra Pradesh, Telangana, Maharashtra and Karnataka, it said in a circular. In order to extend every possible facilitation for quick and timely settlement of life insurance claims, it asked the insurers to nominate a senior-level official for acting as a nodal officer in the state. The officer would liaise with the state administration to facilitate identification of policyholders among the deceased due to floods. The Insurance Regulatory and Develo...