The Insurance Regulatory and Development Authority of India (Irda) had last week asked insurers to set up special camps and make immediate payments against insurance claims.
Insurance regulator Irda today asked insurers for immediate registration and settlement of eligible claims in the flood affected districts of Karnataka, including Kodagu.
The Insurance Regulatory and Development Authority of India (Irda) had last week asked insurers to set up special camps and make immediate payments against insurance claims in flood ravaged Kerala.
"As you are aware, the recent floods have caused immense loss to life and property in certain districts of Karnataka State, including Kodagu.
"There is an urgent need for us to take immediate steps to mitigate the hardships of the affected insured population of the State by ensuring immediate registration and settlement of eligible claims," it said in a circular to non-life insurance companies.
The companies have also been asked to nominate one senior officer to act as nodal officer who would be coordinating/expediting the settlement of all eligible claims in Karnataka.
The regulator further said that "in order to gauge the magnitude of the loss, all non-life insurers (Including Standalone Health Insurers) are advised to submit information relating to insurance claims in Karnataka on a daily basis".
Life insurance companies have been asked to initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously. "It has come to our notice that some of the districts of Karnataka including Kodagu have suffered severe flooding and loss of lives and property.
"Therefore, it has been decided by the Competent Authority to extend the applicability of (circular with regard to Kerala) to the flood affected districts of state of Karnataka too as declared by the state government" Irdai's circular to life insurance companies.Life insurers have been asked to file separate progress report for Karnataka on weekly basis. While some parts of Karnataka are facing drought like situation, some others are reeling under flood.