IRDAI Simplifies Rules For Claim Settlement

The Insurance Regulatory and Development Authority of India (IRDAI) in a notification has simplified the process of claim settlement and ushered in that licensed surveyors will no longer be mandatory in the line of business or LoB. The rule stands applicable in case of motor, personal accident, cyber insurance, health or travel plans.

IRDAI Simplifies Rules For Claim Settlement

The insurance regulatory authority states that in policies where the claim arise due to death, injury or damage to third parties as well as due to loss to some of the things such as crop, forest etc. which are sponsored by government-backed schemes can be settled without the mandatory involvement of a certified surveyor. It is also suggested that in a case when a documentary evidence has been attached to provide for the loss amount being claimed at such a place also surveyor will not be involved.

In an earlier instance, in case of a claim application, insurance company used to send a surveyor for analyzing the extent of damage and then a report was required to be produced by him.

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