Jammu & Kashmir claims: Irda ups limit of loss required to be surveyed to Rs50k

NEW DELHI: Insurance sector regulator has raised the limit of losses required to be surveyed for settlement of claims in flood-hit Jammu & Kashmir to Rs 50,000 from Rs 20,000 earlier.

"...the Authority (Irda) hereby raises the limit of losses required to be surveyed by a licensed surveyor and loss assessor for settlement of claims arising out of recent floods in the state of Jammu & Kashmir from Rs 20,000 to Rs 50,000," Irda said in communication to heads of general insurance companies.

Irda said the exemption will be valid for two months. It said the special dispensation is given to insurers to ensure expeditious settlement of claims and for mitigating hardships to policyholders in Jammu & Kashmir.