J&K floods: Irda asks life insurers to settle claims fast

NEW DELHI: In view of massive floods resulting in loss of lives and belongings in Jammu & Kashmir, the Insurance Regulatory Authority of India ( IRDA) has asked life insurers to take immediate steps for expeditious settlement of claims.

"In order to extend every possible facilitation in quick and timely settlement of life insurance claims to the affected people of the state of Jammu & Kashmir...initiate immediate action to ensure that all initial claims are registered and eligible claims are settled expeditiously," said an IRDA communique to CEOs of all life insurers.

The sector regulator has also asked the life insurance companies to nominate a senior officer who would act as the nodal officer in the state for coordinating or expediting settlement of all the claims that are reported.

"Convey the contact particulars of the nodal officer so nominated to the chief secretary and officer concerned of the government of Jammu & Kashmir who would be overseeing the efforts being made to mitigate the suffering and loss of the victims of the floods," it said.

The nominated nodal officers may be also advised to contact the chief secretary or officer concerned of the state of Jammu & Kashmir to discuss facilitation measures, IRDA added.

It has also asked companies to follow the process exercised during Uttarakhand floods last year in case difficulty is arising in obtaining a death certificate due to non-recovery of the body.

Further, IRDA has asked the life insurers to submit a progress report on the claims settled on a weekly basis.

Life insurers have also been asked to provide services such as dedicated toll free number, a dedicated e-mail ID and contact address of the local offices.