Telangana and Andhra Pradesh have been hit hard by heavy rains over the past few days. Hundreds of colonies were submerged. Heavy crop damage, property and loss of life were reported. In this context, the Insurance Regulator, Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday framed guidelines for insurers to assist flood victims.
The insurance regulator said the procedure followed in the case of Jammu and Kashmir floods could be considered where it is difficult to get a death certificate due to non-recovery of the bodies of those lost in the floods.
IRDAI stated, “General Insurers may have issued policies for the protection of lives and property located in the affected areas. There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims.”
According to a new circular, the IRDAI has directed the state and district level to nominate senior officials to act as nodal officers who has to monitor with the CEO of the company. Receipt of all eligible claims has to be provided by insurers.
As an add on, 24/7 helplines will be facilitated for insurance claims. Insurers (Including Standalone Health Insurers) are advised to submit information related to claims of October 2020 floods to General Insurance Council in the format already being used for Amphan cyclone claims.