Insurance Claims Relating to Cyclone Michaung and Subsequent Heavy Rains/Floods · IRDAI/NL/CIR/MISC/216/12/2023
IRDAI circular IRDAI/NL/CIR/MISC/216/12/2023 · 18 Dec 2023
IRDAI circular IRDAI/NL/CIR/MISC/216/12/2023 · 18 Dec 2023
Summary
Check the official recordThe Insurance Regulatory and Development Authority of India (IRDAI) has granted a special dispensation to general insurers to expedite the settlement of insurance claims arising from Cyclone Michaung and subsequent heavy rains and floods. Under Section 64UM(4) of the Insurance Act, 1938, the authority has increased the monetary thresholds for the mandatory appointment of surveyors and loss assessors. For motor insurance, the threshold is raised from Rs. 50,000 to Rs. 1,00,000, and for non-motor insurance, it is increased from Rs. 1,00,000 to Rs. 5,00,000. This relaxation is effective for a period of two months from the date of the circular's issuance.
What you must do
Key dates
Who is affected
Thresholds
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
संदर्भ सं.: आईआरडीएआई/एनएल/सीआईआर/विविध/216/12/2023 Ref. No.: IRDAI/NL/CIR/MISC/216/12/2023
दिनांक / Date: 18-12-2023
प्रति / To सभी साधारण बीमा कंपनियों के सीईओ / सीएमडी CEOs/CMDs of All General Insurance Companies
विषय: चक्रवात मिचौंग और अनुवर्ती भारी बारिश / बाढ़ से संबंधित बीमा दावे Re: Insurance claims relating to Cyclone Michaung and subsequent heavy rains / floods
यह बीमा कंपनियों को चक्रवात मिचौंग और अनुवर्ती भारी बारिश/बाढ़ से उत्पन्न बीमा दावों का शीघ्रता से निपटाने के लिए सभी आवश्यक कदम उठाने हेतु दी गई परामर्श के संबंध में जारी आईआरडीएआई के परिपत्र सं. आईआरडीएआई/एनएल/सीआईआर/विविध/215/12/2023 दिनांकित 9 दिसंबर, 2023 के क्रम में है।
This is in continuation of the IRDAI’s Circular no. IRDAI/NL/CIR/MISC/215/12/2023 dated 9th December, 2023 advising the insurers to take all necessary steps to settle the insurance claims arising out of the Cyclone Michaung and subsequent heavy rains/floods on an expeditious manner.
In order to expedite the settlement of claims, the Authority, in exercise of powers conferred under Section 64UM (4) of the Insurance Act, 1938 hereby grants special dispensation to General Insurers by increasing the limit of losses for appointment of Surveyors and Loss Assessors specified in Regulation 12(2) of the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 as per the following:
The special dispensation granted is applicable to the claims arising out of Cyclone Michaung and subsequent heavy rains/floods for a period of two months from the date of issuance of the Circular only.
हस्ताक्षरित / Sd/- (रणदीप सिंह जगपाल / Randip Singh Jagpal) कार्यकारी निदेशक (गैर-जीवन) / ED (Non-Life)
सर्वे सं. 115/1, फाइनंशियल डिस्ट्रिक्ट, नानकरामगुडा हैदराबाद - 500032 Survey No. 115/1, Financial District, Nanakramguda, Hyderabad 500 032 दूरभाष Phone: 040-20204000; www.irdai.gov.in